Goldberg Kohn's Knowledge Management Attorney Laura Jakubowski has authored "LIBOR: Post-Cessation Reminders," published in the July 18, 2023, edition of Westlaw Today.
Six years after the UK Financial Conduct Authority announced that LIBOR would be phased out, and after 37 years as the standard rate for US dollar loans, the last panel submissions for LIBOR were made on June 30, 2023. This important transition landmark occurred with little fanfare, and most commercial loans have now made the switch to an alternate rate (the vast majority to Term SOFR), either via a negotiated amendment or by virtue of “LIBOR replacement” provisions.
However, it is important to note, Laura writes, that financial markets are not quite done with LIBOR yet, as there are still a small percentage LIBOR-based loans that have not been amended. Her article provides a few key reminders in the context of these legacy LIBOR loans.