This week we break with convention and interview our own Holly Loftis in the latest installment in our Player Profile series featuring leaders in the fund finance industry. While we’ve from time to time highlighted our counterparts at law firms elsewhere, we decided it’s high time to add a U.S. lawyer’s perspective to the discussion. Holly is a Counsel in Cadwalader’s Fund Finance practice.
Cadwalader continues to take a leading role in the development of fallbacks and replacement benchmark rates for LIBOR. As part of this process, Cadwalader recently worked closely with the Loan Syndications and Trading Association (LSTA) to develop a concept credit agreement, available to certain members of the LSTA’s working groups, that references a compounded average of SOFRs calculated in arrears.
The Alternative Reference Rates Committee recently provided recommended contractual fallback language for U.S. dollar LIBOR-denominated floating rate notes and syndicated loans.
The Bank of International Settlements (BIS) this week published a notable report on LIBOR replacement. No one can be blamed at this stage for fatigue on the topic, but the BIS report is nonetheless worth a read.
