Phase-Out of LIBOR: Revising Floating Rate Loans to Implement Alternative Reference Rates, ISDA Revisions
Recording of a 90-minute premium CLE webinar with Q&A
This CLE webinar will discuss ramifications of the scheduled phaseout of LIBOR (London Interbank Offered Rate) at the end of 2021 and outline steps real estate and commercial finance counsel must take now to review and consider amendments to existing floating-rate loan documents. The panel will discuss alternatives to LIBOR and best practices for incorporating alternative rate language into form documents.
- LIBOR: reasons and timeline for phaseout
- Impact on floating-rate transactions
- Impact on securitized loans
- Alternative reference rates: SOFR, others
- Recommended fallback provisions contemplating a change in reference rate under loan agreements
- Amendment approach
- Hardwired approach
- Impact on derivatives: ISDA adjustment provisions
- Legacy assets; legislative proposals
The panel will review these and other key issues:
- What is the timeline, and what kinds of transactions will be impacted by the phaseout of LIBOR?
- What are the issues with alternative rate language currently contained in floating-rate loan documents?
- How should the floating rate forms be revised to address the phaseout given the current uncertainty as to the substitute rate?
- What should counsel look for in ISDA agreements to confirm a suitable alternative rate?
Gary A. Goodman
Mr. Goodman has extensive experience with financing transactions, specifically in the area of real estate finance,... | Read More
Mr. Goodman has extensive experience with financing transactions, specifically in the area of real estate finance, representing domestic and foreign institutional lenders and borrowers in fee and leasehold construction and term financings, refinancings, mezzanine financings and workouts. He routinely represents agent banks in syndicated loans and in dealing with the co-lenders not only during the syndication process, but also during the term of the loan.Close
Stephen S. Kudenholdt
Mr. Kudenholdt is Dentons' Head of Structured Finance and a member of the US Capital Markets practice. He is... | Read More
Mr. Kudenholdt is Dentons' Head of Structured Finance and a member of the US Capital Markets practice. He is recommended by The Legal 500 US as "truly one of the more well-known lawyers in the mortgage space." Mr. Kudenholdt's areas of practice include residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and other asset-backed securities (ABS), primarily focusing on residential mortgage loan securitization as well as re-securitization transactions involving various classes of mortgage-backed securities. He represents issuers, underwriters, loan sellers and other entities in public offerings and private placements.Close