As of February 1, 2014, ICE Benchmark Administration will take over the administration of the London Interbank Offered Rate (LIBOR).
On January 17, 2014, ICE Benchmark Administration Limited (IBA) announced that it would replace BBA LIBOR Limited as administrator of the London Interbank Offered Rate (LIBOR) on February 1, 2014. For more information, see Legal Update, ICE Benchmark Administration to Take Over as New LIBOR Administrator from February 2014. Based on this change, market participants should update their loan agreement forms to refer to IBA in LIBOR definitions. On January 29, 2014, the Loan Syndications and Trading Association made a similar recommendation in its market advisory providing guidance related to the IBA announcement.