Subject: Business Update

Burlington Insurance Group, Inc.?Notice of LIBOR Benchmark Replacement Effective After June 30, 2023 With Respect to the Securities Identified on Exhibit A hereto

Burlington Insurance Group, Inc. and certain of its subsidiaries have issued the securities identified on Exhibit A (the "Securities"), each of which are still outstanding . Reference is made to (i) the Adjustable Interest Rate (LIBOR) Act of 2022 (the "LIBOR Act") and (ii) the regulations promulgated to carry out the LIBOR Act (the "LIBOR Regulations"). Each of the Securities uses three-month USD LIBOR as a benchmark for determining interest payments on such Securities.

We are issuing this press release to provide notice that, as set forth more fully below, three-month CME Term SOFR (as defined in the LIBOR Regulations) plus the tenor spread adjustment of 0.26161 percent (as specified in the LIBOR Act) is the "Board- selected benchmark replacement" for three-month USD LIBOR under the LIBOR Act and will be the benchmark replacement with respect to the Securities as of the first London banking day after June 30, 2023.

The LIBOR Act provides that on the first London banking day after June 30, 2023 (the "LIBOR Replacement Date"), the applicable "Board-selected benchmark replacement" ("BSBR"), which is a LIBOR benchmark replacement recommended by the Board of Governors of the Federal Reserve System (the "Board"), will automatically replace the USD LIBOR benchmark in existing contracts that (after disregarding certain types of fallback provisions invalidated by the LIBOR Act) contain no LIBOR fallback provisions or contain LIBOR fallback provisions that identify neither a benchmark replacement nor a person with authority to determine a benchmark replacement.

Pursuant to the LIBOR Act and the LIBOR Regulations, the Board has identified three-month CME Term SOFR plus the tenor spread adjustment of 0.26161 percent (as specified in the LIBOR Act) as the BSBR for references to three-month USD LIBOR in contracts governing a cash transaction that is not a consumer loan, an FHFA- regulated-entity contract or a FFELP ABS, as referenced in the LIBOR Regulations.

Accordingly, we hereby provide notice that, with respect to each of the Securities, pursuant to the LIBOR Act, the BSBR of three-month CME Term SOFR plus the tenor spread adjustment of 0.26161 percent will automatically be the benchmark replacement on the LIBOR Replacement Date.

Exhibit A

 

News published on 30 june 2023 at 08:05 and distributed by: