With the end of LIBOR approaching, PE sponsors entering into new subscription credit facilities will be seeing a non-LIBOR benchmark rate – for U.S. Dollar, most likely the Secured Overnight Financing Rate (SOFR) – in their loan agreements. In this part two of a two-part article, the Private Equity Law Report spoke with multiple borrower-side and lender-side counsel – including Cadwalader's Mike Mascia and Jeff Nagle – about important aspects of LIBOR remediation in the subscription line space that managers should monitor, including the amount of the spread adjustment and the timing of the actual transition. To access the subscription-required article, click here.