London - U.K. financial regulators have sent clear signals, reinforced in an FCA statement published last week, that firms should stop issuing sterling-linked Libor cash products by the 3rd quarter of 2020 ahead of its discontinuation at the end of 2021. As a result, Mount Street and Paul Hastings LLP have joined forces to create a streamlined, process driven service offering to replace LIBOR in existing CRE loan documentation.
As Servicer on a number of CMBS and Facility Agent on a large number of multi-lender CRE loans, Mount Street has joined together with leading global law firm Paul Hastings’ Real Estate Finance practice to ensure that the process for replacing LIBOR can be kept as efficient and cost-effective as possible.
The combined team is able to offer lenders a legal and operational framework for advising on the challenges and impact of LIBOR replacement, as well as making the necessary changes to the documentation once the change has been agreed with borrowers.
The team will be led by Mount Street’s European Head of Primary Servicing, Serenity Morley, and Paul Hastings partner Miles Flynn.
About Mount Street:
A highly experienced debt management team focused on delivering first class, bespoke solutions across services to credit, structured and asset backed finance markets.
About Paul Hastings LLP:
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.