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October 03, 2019
Cadwalader worked closely with the Loan Syndications and Trading Association (LSTA) to develop a “concept credit agreement” document that references a compounded average of SOFRs calculated in arrears. The document, which was distributed to a wide group of market participants to solicit review and feedback, is part of a continuing effort to educate interested parties on replacement benchmarks for LIBOR. It will serve as a tool to further familiarize various institutions with benchmark alternatives that, in turn, can assist with LIBOR transition planning.
The Cadwalader team was led by partner Jeffrey Nagle and associate Evan Carter. Cadwalader’s LIBOR Preparedness Team is headed by partner Lary Stromfeld.