The Alternative Reference Rates Committee (ARRC) confirms that in its opinion the March 5, 2021 announcements by ICE Benchmarks Administration and the U.K. Financial Conduct Authority on future cessation and loss of representativeness of the LIBOR benchmarks constitutes a “Benchmark Transition Event” with respect to all USD LIBOR settings pursuant to the ARRC recommendations regarding more robust fallback language for new issuances or originations of LIBOR floating rate notes, securitizations, syndicated business loans, and bilateral business loans. For additional information, see the ARRC FAQs Regarding the Occurrence of a Benchmark Transition Event. The ARRC previously commended the decisions outlining the definitive endgame for LIBOR.
