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

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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).

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