FRONT STORY EUROPEAN INVESTMENT-GRADEBAT ready for Libor switch
Company looking to refinance £6bn RCF
Borrowers are pushing for transition away from Libor
BRITISH AMERICAN TOBACCO is looking to switch
away from Libor on the upcoming
RElNANCINGûOFûITSûaBNûREVOLVINGûCREDITû
facilities in the next big test in the loan
market’s transition away from Libor to risk-
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regulators to ramp up the pressure on
BANKSûTOûOFFERûNEWûLOANSûBENCHMARKEDûTOû
THEû2&2S
Borrowers are eager to clear up Libor
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The company is seeking to incorporate a
switch mechanism like Anglo-Dutch oil
company ROYAL DUTCH SHELL@Sû53BNû
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Progress on Libor replacement in the loan
market has been painfully slow as banks
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term risk they are lower than the Libor rates
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are working to roll out systems as the last
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their systems last year others may be
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But with the emergence of RFR-
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showing a capability to participate in such
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LINE vûTHEûBANKERûSAID
Alasdair ReillyInternational Financing Review March 7 2020 63LOANS
Australia China Hong Kong Japan Philippines Germany Ireland Russia û UK û
United States Leveraged Loans û Restructuring 9 IFR Loans 2323 p 63 - 76 .indd 63 06 / 03 / 2020 19 : 19 : 50