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Welcome to the third issue of Greenberg Traurig’s LIBOR Transition Newsletter, where we provide updates, analysis, and occasional commentary on the latest developments relating to the highly anticipated phasing-out of LIBOR at the end of 2021 – less than two years from now. This issue covers the following:

  • ARRC Releases a Consultation on Potential Spread Adjustment Methodologies
  • Bank of England, FCA and Sterling Working Group Joint Statement
  • Other Recent Developments, including comments from Federal Reserve Chairman Jerome Powell
  • Most-Favored Nation Clauses in LIBOR Fallback Provisions

Read the full GT Libor Transition Newsletter.

Tags: Greenberg Traurig, GT, GT Insight, gt law, LIBOR
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Photo of Oscar Stephens Oscar Stephens

Oscar Stephens focuses on renewable energy and infrastructure financing transactions, advising sponsors, developers and financial institutions in a wide variety of lending and capital markets deals with a cross-border component, particularly in Latin America. With more than twenty years practicing in his native

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Oscar Stephens focuses on renewable energy and infrastructure financing transactions, advising sponsors, developers and financial institutions in a wide variety of lending and capital markets deals with a cross-border component, particularly in Latin America. With more than twenty years practicing in his native Chile and international firms in the U.S., Oscar’s experience expands from unsecured and secured syndicated facilities to complex structured financings, including notes offerings under Rule 144A and Regulation S and private placements under Section 4(a)(2) of the Securities Act.

He represents banks, borrowers and issuers in diverse matters such as term and construction loans, project bonds, acquisition and leveraged financings, high-yield bond offerings, future flow securitizations, and receivables- and asset-backed financings. In addition to his close knowledge of the renewable energy and infrastructure industries representing sponsors and operators of solar projects, wind farms, international airports, highways and port terminals, Oscar has relevant experience in the oil & gas, banking, financial services, fintech and technology, telecom, construction, manufacturing, and food & beverage industries.

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Sylvie A. Durham

Ms. Durham has experience on both the legal and business sides of derivatives, private funds, complex financing transactions, and structured products. Prior to joining the Greenberg Traurig, she was an investment banker and Head of Structured Equity Products at BNP Paribas where she

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Ms. Durham has experience on both the legal and business sides of derivatives, private funds, complex financing transactions, and structured products. Prior to joining the Greenberg Traurig, she was an investment banker and Head of Structured Equity Products at BNP Paribas where she concentrated on structuring equity financing and equity derivative transactions for corporations and hedge funds. Prior to BNP, she was a partner in the Corporate Dept. at the law firm of Weil, Gotshal & Manges LLP.

Ms. Durham has been involved as both a lawyer and investment banker in highly complex financing transactions, derivatives, commodities, private fund formation and asset management advisory work. Since 2006, she has been heavily involved in the development and structuring of over $20 billion in financing transactions between private funds and financial institutions utilizing a variety of legal structures such as VFN programs and fund-linked derivatives. She focuses on legal risk mitigation techniques for complex financial instruments and trading operations. She has broad experience with derivatives, commodities, structured transactions, structured products, and Dodd-Frank regulatory issues relating to these areas. She also frequently advises private funds and asset managers on fund formation and regulatory investment management issues. She also advises corporations and financial institutions on derivatives and related Dodd-Frank and EMIR compliance matters such as the Dodd-Frank Corporate End User Exemption. She has authored two treatises on legal risk mitigation and on derivative transactions.

Ms. Durham is often interviewed on topics in the derivatives and hedge fund industries and has been regularly quoted by Bloomberg, Reuters, Financial Times, Business Week, Wall Street Journal, Hedge World News, Alpha Magazine, CFO Magazine, The Australian, Pension & Investments Online, Corporate Counsel Magazine, CFO Magazine, and the New York Daily News, as well as other national and international publications.

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Photo of Arleen A. Nand Arleen A. Nand

Arleen Nand represents commercial, cooperative, development and investment banks, as well as hedge funds, private equity firms, and corporations in cross-border and domestic financings. Arleen has structured, drafted, and negotiated more than $40 billion of investment grade, leveraged finance and commercial paper transactions.…

Arleen Nand represents commercial, cooperative, development and investment banks, as well as hedge funds, private equity firms, and corporations in cross-border and domestic financings. Arleen has structured, drafted, and negotiated more than $40 billion of investment grade, leveraged finance and commercial paper transactions.

Arleen has served as lead counsel on numerous financings, including cross-border credit facilities, securitizations, syndicated loan transactions, credit-linked notes, asset-based and cash flow financings, convertible debt facilities, private placements, joint venture financings, debtor-in-possession credit facilities, senior and mezzanine transactions, and leveraged lease financings. She has advised clients on transactions involving various domestic and foreign collateral issues, including credit facilities secured by rolling stock, maritime vessels, aircraft, coal reserves, oil and gas, and carbon credits.

Arleen is also the Chair of the Global Agribusiness Practice.

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Photo of Graeme McLellan Graeme McLellan

Graeme McLellan is an asset finance professional with particular focus on the aircraft and rail rolling stock sectors, regularly advising major sophisticated international clients on business-critical matters.

His experience includes secured loans, bond financings, tax leasings, Islamic financings, and portfolio acquisitions / disposals.

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Graeme McLellan is an asset finance professional with particular focus on the aircraft and rail rolling stock sectors, regularly advising major sophisticated international clients on business-critical matters.

His experience includes secured loans, bond financings, tax leasings, Islamic financings, and portfolio acquisitions / disposals. He enjoys cutting through complex and difficult issues, applying experience of structured, cross-border transactions to develop innovative strategies.

Graeme frequently advises new market entrants on their initial market studies, product development and structuring, bids for opportunities, and implementation of winning bids.

In the rail sector, Graeme advises on transactions internationally and has been involved in the UK rail sector since privatisation. He has advised on many major rolling stock transactions, often applying his broader knowledge to the development of innovative strategies.

Graeme is renowned for his aircraft finance experience in the commercial aircraft and corporate / private jet sectors. He advises on a broad range of transaction structures, including lessor financings and Islamic financings.

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Photo of Susan E. D. Neuberg Susan E. D. Neuberg

Susan E. D. Neuberg focuses her practice on structuring, negotiating and documenting debt and equity investments for major financial institution, REITS, investment advisors, private investors and developers. She counsels clients in the financial services and real estate industries on complex real estate matters,

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Susan E. D. Neuberg focuses her practice on structuring, negotiating and documenting debt and equity investments for major financial institution, REITS, investment advisors, private investors and developers. She counsels clients in the financial services and real estate industries on complex real estate matters, debt structures and equity joint ventures, as well as GSE securitization, special servicing, workouts and rating agencies criteria, CMBS and Freddie Mac portfolio servicing practices, and single sponsor programs. Susan has worked on numerous complex debt, equity and joint venture transactions and has wide ranging business and legal experience in a broad array of real estate, real estate finance and capital markets transactions, including the development and construction of mixed use and hotel projects, securitized, conventional and construction lending, syndicated and mezzanine lending, workouts, restructures, servicing of  nonperforming loans, note sales, and transfers of servicing rights.

Susan is a frequent author and panelist. She speaks on current issues of importance to the commercial real estate finance industry, including on panels sponsored by the Commercial Real Estate Finance Council, (CREFC), Mortgage Bankers Association ( MBA), Investment Management Network (IMN), International Council of Shopping Centers (ICSC),  Bar Associations, as well as firm and client sponsored presentations.

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