On May 6, the LSTA published its long-awaited concept Daily SOFR and risk-free rate (RFR)-based multicurrency credit agreements (the Concept RFR Documents). The publication of these documents is a welcomed step in the transition from LIBOR These Concept RFR Documents illustrate various types of SOFR-based US Dollar credit facilities and
LSTA
Loan Syndications and Trading Association Published Concept SOFR Credit Agreement
By Donald A. Ensing & Richard C. Tisdale on
In an important step for the syndicated loan market in transitioning to SOFR and away from LIBOR as a benchmark interest rate, the Loan Syndications and Trading Association (“LSTA”) recently published what it deems a “concept” credit agreement (we’ll call it the “Concept SOFR Agreement” here) that references daily simple SOFR or daily compounded SOFR. The Concept SOFR Agreement can be found on the LSTA’s website, along with a blackline against the LSTA’s form term loan agreement referencing LIBOR (available to LSTA members at www.lsta.org).
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The Latest From the Loan Syndications and Trading Association (LSTA)
By Donald A. Ensing on
Posted in LSTA
On February 26, 2020, the LSTA released a revised draft to its Compounded SOFR in Arrears “concept credit agreement”, which was initially released on October 1, 2019 (see a brief summary of the initial concept credit agreement). In addition to bringing the concept credit agreement current with other LSTA form changes, the update addresses…
The Latest From the Loan Syndications and Trading Association (LSTA)
By Donald A. Ensing on
Posted in LSTA
On October 1, 2019, the LSTA released to its members a draft “concept credit agreement” illustrating how a compounded average of daily SOFRs calculated in arrears might be incorporated into the LSTA’s form of Credit Agreement (a reference document that the LSTA has long maintained for basic syndicated lending provisions).
Continue Reading The Latest From the Loan Syndications and Trading Association (LSTA)