NEW
YORK, May 24, 2023 /PRNewswire/ -- BNY
Mellon (NYSE: BK) today announced that, after June 30, 2023, CME Term SOFR will be the
benchmark replacement rate for all outstanding floating rate and
fixed-to-floating rate debt securities and preferred stock issued
by The Bank of New York Mellon Corporation and The Bank of New York
Mellon for which three-month U.S. dollar LIBOR serves as the
reference rate used in connection with the calculation of the
applicable interest or dividends payable (the "USD LIBOR
Securities"). The USD LIBOR Securities are:
- Fixed-to-floating rate senior unsecured debt securities issued
by The Bank of New York Mellon Corporation: CUSIP 06406RAB3
- Floating rate senior unsecured debt securities issued by The
Bank of New York Mellon: CUSIP 06406MAV0; CUSIP 06406MAU2
- Floating rate preferred stock (held by Mellon Capital IV)
issued by The Bank of New York Mellon Corporation: CUSIP
58551TAA5
- Fixed-to-floating rate preferred stock (represented by
depositary shares) issued by The Bank of New York Mellon
Corporation: CUSIP 064058AB6; CUSIP 064058AF7
In accordance with the Adjustable Interest Rate (LIBOR) Act (the
"LIBOR Act") and the regulation issued by the Board of Governors of
the Federal Reserve System on December 16,
2022 implementing the LIBOR Act, the reference rate for
calculations of the amount of interest or dividends payable for
interest or dividend periods with reference rate determination
dates occurring after June 30, 2023 in connection with the USD
LIBOR Securities will be:
- Three-month CME Term SOFR, plus a tenor spread adjustment of
0.26161% per annum (the applicable tenor spread adjustment for
securities that reference three-month U.S. dollar LIBOR).
ABOUT BNY MELLON
Established in 1784, BNY Mellon is America's oldest bank and the
first company listed on the New York Stock Exchange (NYSE: BK).
Today, BNY Mellon powers capital markets around the world through
comprehensive solutions that help clients manage and service their
financial assets throughout the investment life cycle. BNY Mellon
had $46.6 trillion in assets under custody and/or
administration and $1.9 trillion in assets under
management as of March 31, 2023. BNY Mellon has been named
among Fortune's World's Most Admired Companies and Fast Company's
Best Workplaces for Innovators. BNY Mellon is the corporate brand
of The Bank of New York Mellon Corporation. Additional information
is available on www.bnymellon.com. Follow us on LinkedIn or
visit our Newsroom for the latest company news.
Contacts:
|
Media
Analysts Garrett Marquis
Marius Merz
+1 949 683 1503
+1 212 298 1480
garrett.marquis@bnymellon.com
marius.merz@bnymellon.com
|
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SOURCE BNY Mellon