Phase-Out of LIBOR: Implementing New ARRC Reference Rates for Floating Rate Loans and Derivatives, ISDA Revisions
Recording of a 90-minute premium CLE webinar with Q&A
This CLE webinar will discuss the scheduled phase-out of LIBOR (London Interbank Offered Rate) at the end of 2021, alternative rates and provisions recommended by Alternative Reference Rate Committee (ARRC) of the Federal Reserve Bank of New York, and steps lenders and finance counsel should take now to 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
- Effect on derivatives
- Alternative rates
- Recommended provisions contemplating a change in reference rate under loan agreements
- Amendment approach
- Hardwired approach
- Determining whether to amend financial contracts
The panel will review these and other critical issues:
- What is the timeline for LIBOR's phase-out?
- What kinds of financing 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 and the use of SOFR as a substitute rate?
- What should counsel look for in ISDA agreements to confirm a suitable alternative rate?
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
Cheryl L. Isaac
Michael Best & Friedrich
Ms. Isaac represents financial institutions, energy companies, and commodity trading firms (including both end-users... | Read More
Ms. Isaac 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