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Term SOFR is Open for Business

On July 29th, 2021, the Alternative Reference Rate Committee (“ARRC”) formally recommended the adoption of CME Group’s forward-looking Secured Overnight Financing Rate term rates (“Term SOFR”). This announcement completes the...more

Options for Using SOFR in New ABS, MBS, and CMBS Products

The Alternative Reference Rates Committee (“ARRC”) convened by the Federal Reserve Board and the Federal Reserve Bank of New York, with the assistance of its Securitizations Working Group released a report (the “Report”) on...more

What is Happening to My LIBOR Now? Simplification of the ARRC’s Hardwired Approach

On March 25, 2021, the Alternative Reference Rates Committee (the “ARRC”) issued supplemental guidance to its recommended hardwired fallback language for U.S. dollar LIBOR denominated syndicated and bilateral business loans....more

And So it Begins: What Recent Announcements Mean for the Future of LIBOR

On March 5, 2021, the ICE Benchmark Administration (the “IBA”) issued feedback that it had completed the consultation with LIBOR panel banks that it began in December 2020, and stated that it will be unable to publish certain...more

What Happened to My Interest Rate? Fed Intensifies Scrutiny of Lenders' SOFR Transition Efforts

In recent weeks, U.S. banks have been receiving inquiries from the U.S. Federal Reserve System (the “Fed”) in connection with the banks’ current London Inter-Bank Offered Rate (“LIBOR”) exposure, plans for amendments which...more

What Happened To My Interest Rate? Agencies Confirm SOFR Not Required

On November 6, 2020, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued an inter-agency...more

CARES Act: Medicare Advanced Payment Protocol

The federal government has implemented a number of relief programs in response to the COVID-19 public health emergency. Many borrowers in the healthcare industry may be seeking funds under the recently-expanded Medicare...more

CARES Act: Public Health and Social Services Emergency

King & Spalding’s Healthcare Finance practice is working to keep clients informed of issues that may be of concern to lenders in the healthcare space. The CARES Act includes a number of provisions to offer financial relief to...more

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