Loan amendment first for Libor to Sofr switch

Libor adobe stock 230x150 AS
By Mike Turner
05 Jun 2019

The first syndicated loan amendment to add language allowing the pricing benchmark to switch from Libor to the secured overnight funding rate (Sofr) has been launched.

If the amendment exercise is successful, the loan will implement the recommendations of the Federal Reserve’s Alternative Reference Rates Committee (ARRC) at the end of April.

This is the first time a company has tried to do this with a syndicated loan, according to Covenant Review, a credit ...

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