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Replacing LIBOR: The End of the World's Most Important Number


Understand of how LIBOR met its timely end and how market participants should prepare for the decommission of the prominent benchmark.

In accordance with statements from the UK Financial Conduct Authority dating back to July of 2017, the London Interbank Offered Rate (LIBOR) will no longer be published, beginning at the end of 2021 for certain tenors, and by June of 2023 for the most popular tenors of USD-LIBOR. As a result, trillions of dollars of contracts that reference LIBOR (including loan agreements and derivatives contracts), will need to be amended and new contracts will need to account for a LIBOR replacement rate. Loan and derivatives market participants will also need to determine which replacement rate they will rely on in lieu of LIBOR (including the Secured Overnight Financing Rate (SOFR)). This presentation will help participants understand why LIBOR is going away, which terms need to be added to existing and new loan and derivatives contracts, what is "SOFR" and how does it differ from USD-LIBOR, and what an efficient LIBOR transition process looks like.



Cheryl L. Isaac

Cheryl L. Isaac

Michael Best Friedrich LLP

  • Senior counsel in the Washington, DC office of Michael Best Friedrich LLP
  • Represents clients in a variety of complex financial transactions, including interest rate swaps and other derivatives products, venture debt finance, commercial lending, cryptocurrencies, and digital asset offerings; advises on the impact of the LIBOR transition on each of these types of financing transactions
  • Drafts and negotiates ISDA documentation (including the ISDA Master Agreement, Schedule, Credit Support Annex, and related documents) for interest rate, foreign exchange, and commodities derivatives, and advises clients on compliance with Title VII of the Dodd-Frank Act and related rules and guidance issued by the Commodity Futures Trading Commission (CFTC) and other federal regulators
  • Represents both borrowers and lenders in various lending transactions, focusing on traditional bank loans as well as customized debt finance solutions for start-up and early growth companies
  • Author of several publications related to the areas of derivatives, the LIBOR transition, and cryptocurrencies
  • Member of the New York, Connecticut, and Washington, D.C. bars
  • LL.M. degree, Georgetown University Law Center; J.D. degree, Boston College Law School; B.A. degree, University of Pennsylvania
  • Can be contacted at [email protected] or 202-595-7934

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