As we originally reported in our September 2018 Otten Johnson Alert, the London Interbank Offered Rate (“LIBOR”), once the primary benchmark used for floating rate commercial loans, is nearing its end.  As of December 31, 2021 lenders stopped using LIBOR as a benchmark rate for new loans and one week and two month USD LIBOR rates were discontinued.  All remaining USD LIBOR rates will be discontinued on June 30, 2023.
Continue Reading The LIBOR Act: A federal legislative solution for legacy contracts as LIBOR ends