Perspectives on LIBOR Transition Resources

There are major issues arising from the phaseout of the US Dollar London InterBank Offered Rate (LIBOR), which will soon become apparent in connection with LIBOR’s fast-approaching end date. This will dramatically impact many issuers, holders, and trustees of variable rate notes and bonds.

With USD LIBOR expected to end on June 30, 2023, there are numerous legal and financial implications to consider, especially as the pace of remediation of leveraged loans (and other commercial loans) needs to progress further according to the Alternative Reference Rates Committee (ARRC).

Many nonprofits are presented by lenders with an option to enter into an interest rate swap or cap when pursuing long-term financing or modifications to existing long-term financing.

Last year, the United Kingdom Financial Conduct Authority (UK FCA) announced the following:
- ‘Zombie’ USD LIBOR for proposed use from July 1, 2023, through September 30, 2024, except for cleared derivatives
- 1-Month and 6-Month ‘Zombie’ Sterling LIBOR to cease on March 31, 2023

The death of the London InterBank Offered Rate (LIBOR) in the US may involve its coming back to life through ‘Zombie’ LIBOR.

In this LIVE Webcast, Les Jacobowitz, a prolific speaker and author on the impact of the LIBOR transition, will present a timely and engaging discussion of the LIBOR transition and surrounding key issues.