SAN
ANTONIO, June 22, 2023 /PRNewswire/ -- Cullen/Frost
Bankers, Inc. (NYSE: CFR) announced today that, after
June 30, 2023, three-month CME Term SOFR will be the
replacement reference rate for all outstanding junior subordinated
deferrable interest debentures issued by Cullen/Frost Bankers, Inc.
that use three-month U.S. dollar LIBOR as the reference rate.
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 replacement reference
rate for interest calculations for periods with reference rate
determination dates occurring after June 30, 2023 will be
three-month CME Term SOFR, plus a tenor spread adjustment of
0.26161% per annum (as specified in the LIBOR Act).
About Cullen/Frost Bankers, Inc.
Cullen/Frost Bankers, Inc. is a financial holding company,
headquartered in San Antonio, with
$51.2 billion in assets at
March 31, 2023. Frost provides a wide range of banking,
investments and insurance services to businesses and individuals
across Texas in the Austin, Corpus
Christi, Dallas,
Fort Worth, Houston, Permian Basin, Rio Grande Valley and
San Antonio regions. Founded in
1868, Frost has helped clients with their financial needs during
three centuries. Additional information is available
at www.frostbank.com.
A.B. Mendez
Investor Relations
210.220.5234
Bill Day
Media Relations
210.220.5427
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SOURCE Cullen/Frost Bankers, Inc.