18 Dec 2020

Change in the SOFR: LIBOR Transition Gets an Extension

Regulators have announced that the transition away from LIBOR will largely be extended to June 23, 2023, from December 31, 2021. Take advantage of the breathing room to prepare yourself and your clients for the new benchmark, SOFR. This practice note describes how to draft or amend a credit agreement to replace the LIBOR. It also discusses SOFR—and the advantages and disadvantages of this rate relative to LIBOR, along with a timeline of the latest developments related to the transition.

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