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.

For more information on LIBOR and the LIBOR scandal that spurred these changes, see Practice Note, What's Market: Eurodollar Rate/LIBOR Interest Rate Provisions. For information on proposals to reform LIBOR, including matters to consider when reviewing or drafting documents, see Practice Note, LIBOR Review and Reform: Overview for Finance Lawyers. For a more detailed overview of the reform of LIBOR, including information about regulations and enforcement actions, see Practice Note, Hot Topics: LIBOR Regulation and Enforcement.