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.
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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…
A Deep Dive Into Hardwired Fallback Language Webcast Replay
An in-depth discussion of the ARRC hardwired fallback language – what it says, how it works and what it means. Presented by Christian Fundo, Vice…
LIBOR Fallback Language Amendment Fees
This advisory addresses certain amendment transactions to amend LIBOR-referenced loans whose maturity date extends beyond December 31, 2021 to include ARRC hardwired fallback language.
To Dream the Possible Dream: Term SOFR & Spread Adjustments
Anyone following the SOFR debate knows two things about LIBOR fallbacks: 1) All cash asset classes really(!) want a forward looking term SOFR rate and…
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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