Phase-Out of LIBOR: Impact on Floating Rate Loans and Derivatives; Implementing Alternative Reference Rates
An encore presentation featuring live Q&A
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will discuss various ramifications of the scheduled phase-out of LIBOR (London Interbank Offered Rate) at the end of 2021, and steps lenders and finance counsel should take now to assess and possibly amend existing transaction documentation and to manage new transactions. The panel will also discuss the impact on swaps and other derivatives and how to evaluate alternative rate language in ISDA documents.
- LIBOR—reasons and timeline for phase-out
- Impact on commercial lending—floating rate transactions
- Impact on securitized and packaged consumer loans
- Impact on derivatives
- Alternative rates
- Open-ended adjustment language—“as determined by lender”
- Determining whether loan documents should be amended
- Recommended changes to forms until an alternative industry standard rate is established
- Litigation Perspective
The panel will review these and other key issues:
- What is the timeline, and what kinds of finance transactions will be impacted by the phase-out of LIBOR?
- What are the issues with alternative rate language currently contained in loan documents?
- How should floating rate forms be revised to address the phase-out, given the current uncertainty as to the substitute rate?
- What should counsel look for in ISDA agreements to confirm a suitable alternative rate is provided?
This is an encore presentation with live Q&A.
Cheryl I. Aaron
Michael Best & Friedrich
Ms. Aaron represents financial institutions, energy companies, and commodity trading firms (including both end-users... | Read More
Ms. Aaron represents financial institutions, energy companies, and commodity trading firms (including both end-users and swap dealers) on a variety of derivatives transactions, and drafts documentation for interest rate swaps, foreign exchange, commodities, and other derivatives product lines.She assists clients on compliance with Title VII of the Dodd-Frank Act and all related regulations. She has extensive experience advising clients on a range of derivatives and banking-related regulatory issues such as cross-border trading, federal deposit insurance, capital and margin requirements, and swap dealer registration.Close
Lowndes Drosdick Doster Kantor & Reed
Mr. Heimendinger has worked on a variety of financing structures and instruments, with a particular focus on real... | Read More
Mr. Heimendinger has worked on a variety of financing structures and instruments, with a particular focus on real estate finance and structured finance. These include the representation of lenders, borrowers, and underwriters on a variety of transactions, including term and revolving credit facilities, public and private securitization transactions (including CMBS), mezzanine financing, equipment financing, currency and interest rate cap and swap transactions, underwriting agreements, intercreditor agreements, joint ventures, and jurisdiction-specific non-recourse structures. Within the real estate space, he has covered multiple asset classes, including hotels and leisure facilities, office towers, senior living facilities, and multi-family residential buildings. In addition to U.S. transactions, Mark has completed a number of cross-border transactions.Close
James S. Toscano
Lowndes Drosdick Doster Kantor & Reed
Mr. Toscano has extensive experience in a broad range of commercial and high profile litigation matters. He has tried... | Read More
Mr. Toscano has extensive experience in a broad range of commercial and high profile litigation matters. He has tried cases as lead counsel in federal and state courts throughout Florida. His cases focus on a wide array of issues including complex commercial business, real property and banking litigation, cases involving professional athletes and sports teams, class actions, intellectual property litigation, and personal injury and wrongful death cases.Close