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World Bank Approves New Reference Rates for Existing and New Loans in Preparation for End of LIBOR
WASHINGTON, July 22, 2021-The World Bank´s Board of Executive Directors today approved modifications to new market reference rates in preparation for the global transition away from the London Interbank Offered Rate (LIBOR). The modifications imply changes to the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) new and existing loans.
The alternative reference rates will be Secured Overnight Financing Rate (SOFR) for USD-denominated loans, Sterling Overnight Index Average (SONIA) for GBP-denominated loans, and Tokyo Overnight Average Rate (TONA) for JPY-denominated loans. EURIBOR will remain the reference rate for EUR-denominated loans.
28 June 2021) - Hiscox Ltd (LSE:HSX) (the Issuer ), the international specialist insurer, announced on
3 June 2021 an invitation (such invitation, the Consent Solicitation ) to eligible holders of its outstanding Notes to consent to the modification of the terms and conditions (the Conditions ) of the Notes and consequential or related amendments to the trust deed dated
24 November 2015 relating to the Notes (as amended from time to time, the Trust Deed ), such that:
(i) for the purposes of the floating rate of interest applicable to the Notes from
24 November 2025 (the Fixed Rate End Date ), (a) the Floating Interest Rate (as defined in the Conditions) will be determined by reference to the Sterling Overnight Index Average ( SONIA ) (using Compounded Daily SONIA (as defined in the Consent Solicitation Memorandum (as defined below)) with a 5-day lag methodology and payable, subject as provided in the Conditions, quarterly) and not the 3-month Sterling London