No one can be surprised that LIBOR may be going away – and everyone should be making preparations because LIBOR cessation could disrupt $200 trillion of U.S. dollar LIBOR contracts, including more than $4 trillion of syndicated loans and $600 billion of CLOs. Presented by Meredith Coffey, EVP - Research and Public Policy, LSTA, Jeffrey Nagle, Partner, Cadwalader, Wickersham & Taft LLP and Tess Virmani, Associate General Counsel & SVP, Public Policy, LSTA.

The U.S. Banking Agencies have issued final QFC Stay Rules which are designed to improve the resolvability and resilience of U.S. global systemically important banking organizations (G-SIBs) and the U.S. operations of foreign G-SIBs by mitigating the risk of destabilizing closeouts of qualified financial contracts (QFCs). The QFC Stay Rules require GSIBs to include new language in certain credit agreements if the related loan documents also support the borrower’s obligations under swaps or other qualified financial contracts. Our speakers reviewed the LSTA's new language and explained how it satisfies the requirements of the QFC Rules. Presented by Bridget Marsh, LSTA, Gabriel Rosenberg, Partner, Davis Polk and Erika White, Counsel, Davis Polk. Presentation available for LSTA Members.

Earlier this month, the European Commission published its report on the European loan syndication market and its impact on competition in the credit markets. In 2017, the European Commission launched the independent study whose aim was to assess the loan syndication market "in terms of its effectiveness and functioning, and to identify competition concerns". Olivier Antoine of Crowell & Moring explained what this means for the loan market. Presentation available to LSTA Members.

The speakers covered the context and approach taken by the LSTA when drafting the form, with a particular focus on the different drafting options and alternative formulations available in the agreement. The speakers also highlighted key issues discussed among the committee members during the drafting process. Presented by Todd Goren, Partner, Morrison & Foerster LLP, Min Heo, Associate, Morrison & Foerster LLP, Geoffrey Peck, Partner, Morrison & Foerster LLP and Tess Virmani, LSTA. Presentation available to LSTA Members.

The JFSA just published its final rule and FAQs on securitizations and capital costs. What do they say and what do they mean for Japanese investors and the US CLO market? How will this impact leveraged loan underwriting? Presented by Elliot Ganz, General Counsel and co-head of Public Policy, LSTA and Richard Klinger, Partner, Sidley Austin LLP. Presentation available to LSTA Members.

Earlier this month, a federal district court issued a $310 million judgment in favor of Aurelius Capital in U.S. Bank National Association v. Windstream Services, LLC v. Aurelius Capital Master, Ltd., finding that Windstream’s 2015 spin-off of its telecommunications assets, and subsequent “lease” of such assets was a sale-leaseback that violated its indenture. As a result of the decision and the corresponding cross-default to Windstream’s other indebtedness, Windstream filed for Chapter 11 bankruptcy on February 25th. Presented by Jasmine Ball, Partner, Debevoise & Plimpton LLP, Elliot Ganz, LSTA and Ramya Tiller, Partner, Debevoise & Plimpton LLP. Presentation available to LSTA Members