Description
In July of 2017, the United Kingdom’s Financial Conduct Authority announced that LIBOR (London Interbank Offered Rate) will be phased out in 2021, as regulators look to replace it with a more reliable alternative. LIBOR is a benchmark rate that is calculated from reported interest rates that select banks pay to borrow from each other on an unsecured basis. As the transition away from LIBOR towards a new, alternative benchmark rate is well underway, there are several steps lenders and finance counsel should take now to amend existing transaction documentation and to manage new transactions. This course will discuss the history, present and future of LIBOR.