Ship finance contracts face rewrites with phase-out of rate benchmark
Most ship finance contracts will have to rewritten ahead of the phase-out of the London Interbank Offered Rate interest benchmark next year, with the bill for doing so payable by borrowers, says Seward & Kissel partner
‘Libor is going to be available for at least another year or so. But because the switch needs to be done in a short space of time, there needs to be some prep work in advance,’ says Hoyoon Nam
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