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John Lawlor

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John F. Lawlor is an attorney in the North America Banking, Finance and Major Projects Practice Group in Baker & McKenzie's Chicago office. Mr. Lawlor has experience representing lenders and borrowers in many types of complex financings, including senior and subordinated debt, secured and unsecured, investment grade and non-investment grade debt financings and cross-border financings.

On 5 March 2021, the UK Financial Conduct Authority (FCA) formally announced the dates of the future cessation or loss of representativeness of all 35 LIBOR settings currently published by ICE Benchmark Administration Limited (IBA).
This announcement:
constitutes an index cessation event under the International Swaps and Derivatives Association (ISDA) IBOR fallbacks supplement and the ISDA 2020 IBOR fallbacks protocol for all LIBOR settings
may trigger contractual requirements in certain LIBOR fallback provisions
fixes the spread adjustments in the ISDA Fallbacks Supplement and ISDA 2020 IBOR Fallbacks Protocol

In a set of coordinated statements, LIBOR’s administrator, LIBOR’s principal regulator and the principal US banking regulators announced plans that would extend the period during which panel USD LIBOR quotations would be made available until the end of June 2023.  This would effectively provide a period for legacy USD LIBOR transactions to use LIBOR quotations for certain tenors after 2 January 2022 (when LIBOR is expected to cease for other currencies).