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.

So what should you do? Step One – ensure that your loan fallback language is robust. On April 25, 2019, the Alternative Reference Rates Committee (ARRC) released its recommended fallback language for syndicated loans to address this very issue.

In this webcast, the LSTA, co-chair of the ARRC Business Loans Working Group, and Cadwalader, ARRC working group drafting counsel, explained:

  • The critical components of LIBOR fallback language
  • High-level look at LIBOR replacement language currently being seen in the syndicated loan market
  • The two sets of ARRC recommended loan fallback language for syndicated loans (the “amendment” approach and the “hardwired” approach)
  • A step-by-step look at the successor rate and spread adjustment waterfalls in the hardwired approach
  • Considerations that market participants should keep in mind in adopting the recommended fallback language

EVENT DETAILS

Wednesday, May 8, 2019
4PM to 5PM (ET)
Dial-In|Will NOT Be Available
1.0 CLE Credit|Available for NYS Transitional and Non-Transitional  – Areas of Professional Practice

SPEAKERS

  • Meredith Coffey, EVP – Research and Public Policy, LSTA
  • Jeffrey Nagle, Partner, Cadwalader, Wickersham & Taft LLP
  • Tess Virmani, Associate General Counsel & SVP, Public Policy, LSTA
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