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ARTICLE · 23 SEPTEMBER 2021

LIBOR Transition: The First Syndicated SOFR Loan Is Here!

Duane Morris LLP
Duane Morris LLP
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Ford Motor Co. announced in June their intention to refinance $15.4 billion in syndicated facilities — and at least some of them on SOFR.

United StatesFinance and Banking
Phuong (Michelle) Ngo
Phuong (Michelle) Ngo
Roger S. Chari
Roger S. Chari
Joel Ephross
Joel Ephross
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Ford Motor Co. announced in June their intention to refinance $15.4 billion in syndicated facilities - and at least some of them on SOFR. With all eyes on what would be the first syndicated U.S. corporate loan tied to regulators' preferred LIBOR replacement, Ford formally launched the deal this month. Bloomberg reported that there are three revolver tranches that Ford is refinancing (with JPMorgan Chase & Co. leading the loan process): a $3.35 billion three-year portion, a $2 billion three-year tranche and a $10.05 billion five-year portion. Ford's loan is using Simple SOFR, and not Term SOFR endorsed by the ARRC earlier this summer.

This first syndicated loan originated on SOFR has marked a milestone in the transition away from LIBOR. And as the transition gains steam, more SOFR loans are expected to come in the last quarter of the year.

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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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