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ARTICLE · 07 JULY 2023

The End Of LIBOR: The Grand Finale (Or Is It?)

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On June 30, 2023, all remaining tenors of USD LIBOR were published for the final time by LIBOR's administrator, the Ice Benchmark Administration Limited (the "IBA"), marking the official...

CanadaFinance and Banking
Kathy Martin
Kathy Martin
Maria Sagan
Maria Sagan
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On June 30, 2023, all remaining tenors of USD LIBOR were published for the final time by LIBOR's administrator, the Ice Benchmark Administration Limited (the "IBA"), marking the official end of USD LIBOR and concluding years of preparation for the transition to risk-free rates. In this bulletin, we review the LIBOR discontinuation timelines, provide a summary of synthetic USD LIBOR and the Adjustable Interest Rate (LIBOR) Act (the "LIBOR Act"), and discuss implications for existing credit agreements.

1. LIBOR Discontinuation Timelines

After December 31, 2021, the initial deadline for the discontinuation of LIBOR, all tenors of EUR and CHF LIBOR, the overnight/spot next, 1-week, 2-month and 12-month GBP and JPY LIBOR tenors, and the 1-week and 2-month tenors of USD LIBOR ceased to be published. The deadline for the discontinuation of the overnight, 1, 3, 6, and 12-month tenors of USD LIBOR was extended by 18 months for the purpose of legacy contracts and

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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