LIBOR Transition: What's A Borrower To Do?

So far, much of the focus has been on getting lenders to stop originating LIBOR loans in favor of loans based on alternative, risk-free rates. As we get closer to that becoming a reality on a broad scale, it's worth taking a look at the issue from a borrower's perspective. Borrowers have no say in the phaseout of LIBOR, but to varying degrees they will have a say in which alternative rates will become prevalent in the market. 

To hear certain company-side organizations, borrowers are ready for alternative rates?if only their lenders would offer them. On April 27, 2021, the Association for Financial Professionals, the National Association of Corporate Treasurers and the U.S. Chamber of Commerce joined in a letter addressed to Secretary of the Treasury Janet Yellen, Federal Reserve Chair Jerome Powell, New York Federal Reserve Bank President John Williams, SEC Chair Gary Gensler and CFTC acting Chair Rostin Behnam to provide their views on the challenges posed by