LIBOR transition in the project finance market

LIBOR is commonly used in project finance transactions as the basis for the calculation of a floating interest rate for sterling and US dollar loans. It is very likely that LIBOR will cease to be published after 2021. LIBOR will need to be replaced with an alternative “risk-free rate." With regulatory deadlines looming, we consider what LIBOR transition means for the project finance market and the practical steps parties may wish to consider in relation to their existing and future transactions.