On April 22nd, the Alternative Reference Rates Committee (ARRC) released “A User’s Guide to SOFR”, which discusses the likely end of LIBOR, what it means for cash products, and how cash product consumers (such as syndicated lenders or borrowers) might think about the different variants of SOFR. The LSTA is a member of the ARRC and provided feedback on the Guide. We offer our key takeaways.