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ARTICLE · 24 NOVEMBER 2020

Will Amending A Facility Agreement To Move From An IBOR To An RFR Require Guarantee And Security Confirmations?

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When amending a material term of a loan transaction that includes guarantees and/or security governed by the laws of several jurisdictions.

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Simon Fisher
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When amending a material term of a loan transaction that includes guarantees and/or security governed by the laws of several jurisdictions, it is often prudent for creditors to obtain guarantee and/or security confirmations to ensure that the amendment does not adversely affect their rights to claim under the guarantee or enforce the security. As we head toward 2021, it is well documented1 that loan agreements with final maturities beyond the end of 2021 that are priced by reference to an IBOR benchmark will need to be amended unless they contain fallback provisions that stipulate a replacement rate for, or procedure for replacing, the relevant IBOR. So, will changing the benchmark rate necessitate guarantee and/or security confirmations, or will this additional hurdle be something that can be avoided?

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