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ARTICLE · 14 MAY 2019

ARRC Details Fallback Language For Floating Rate Notes And Syndicated Loans

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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The Alternative Reference Rates Committee (ARRC) issued a press release detailing recommended fallback language for floating rate notes and syndicated loans.

United StatesFinance and Banking
Ann Kalodis
Ann Kalodis
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The Alternative Reference Rates Committee (ARRC) issued a press release detailing recommended fallback language for floating rate notes and syndicated loans. According to the release:

"These provisions are for market participants' voluntary use in new contracts that reference LIBOR and were developed with the goal of reducing the risk of serious market disruption in the event that LIBOR is no longer usable. This recommendation is part of the ARRC's mandate to help address risks in contracts referencing LIBOR and it builds on its work developing the Paced Transition Plan, which outlines the steps for an effective shift to the ARRC's recommended alternative reference rate, the Secured Overnight Financing Rate (SOFR). ...

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