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- By Hamlins LLP
London Interbank Offered Rate (LIBOR) transition – are you prepared for the new era?
The journey for London Interbank Offered Rate (LIBOR) has continued to unfold since Hamlins previous update. As the termination of publication of LIBOR for all sterling, euro, Swiss franc and Japanese yen settings and the 1-week and 2-month US dollar settings on December 31st, 2021 draws near, lenders are transitioning their loan agreements using LIBOR by switching to alternative near risk-free rates. With less than a month remaining until sterling LIBOR ceases, the consequences of the transition on existing loan agreements, and new loan agreements in the period up to the deadline and beyond, require careful consideration.
If you haven’t done this already, your clients’ existing loan agreements with loan terms expiring from 2022 onwards should be reviewed to understand whether adequate provisions are in place for calculating interest from January 1st, 2022
Read the full article on hamlins.com
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