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Term SOFR: Loans, CLOs in Scope!

By Meredith Coffey. This morning, the ARRC released best practice recommendations for the use of a SOFR Term Rate.

NY State: Legislating LIBOR (Fallbacks)

Last week, the New York State 2022 budget was presented, and included the ARRC’s proposed LIBOR transition legislation (in Article 18-c). We describe the impact…

1H20: What Flavor is Your Fallback?

1H20 was all about “amendment” LIBOR fallbacks in loans. Of the 288 loans that Covenant Review tracked in 1H20, 33% used a “pure” ARRC, fallback…

LIBOR: Still Looking at 2021 End Date

Last week, there were several potentially confusing communiques from the FCA and UK Treasury that some folks read to suggest either i) LIBOR may end…

LIBOR Fallbacks: Consistency & Clarity!

While the world has been focused on the Covid-19 crisis, LIBOR laborers have quietly been moving the ball forward. Specifically, there is increasing alignment on…

LIBOR Fallbacks: Legislate, Don’t Litigate?

There’s been considerable buzz about a “legislative solution” to LIBOR fallbacks. What is it? And is it applicable to syndicated loans? (Short answer: No, but…

The Borrower’s Argument for Hardwired Fallbacks

According to recent research by Fitch, borrowers should have a compelling appetite for “hardwired” LIBOR fallbacks. The downside risk of the amendment fallback – ending…

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The End of the ARRC

The End of the ARRC! If the quasi-public sector body has wound itself down, that’s a good sign that we’re done with LIBOR transition.