- While the majority of LIBOR is scheduled to phase out by the end of 2021, overnight, 1-, 3-, 6-and 12-month USD LIBOR will remain in effect through June 30, 2023
- While US officials continue to favor SOFR as the successor rate to LIBOR, there are concerns around the implications of not using a term rate
- Regulatory authorities and industry organizations have advised that new credit agreements should no longer reference USD LIBOR as of December 31, 2021
- Benefit Street Partners believes yields in existing credits will not be negatively impacted by the change
