Whereas the ICE Benchmark Administration (IBA) will no longer publish the 3-month and 6-month USD Libor rates after 30 June 2023, a reliable, publicly available index accepted in international markets - the CME Term SOFR of the respective maturity plus an adjustment factor (Spread Adjustments) will replace the USD Libor rates. The adjustment factor will be calculated as the actual difference between USD Libor and CME Term SOFR of the respective maturity on the date of the change. Please note that the adjustment factor (Spread Adjustments) will be calculated in a way that the total interest rate on the customer’s loan will not be increased on the day of the change. The change will take place in two months, no later than 30 June 2023. If you do not agree with the above change, please contact us in writing within the following two months.

For the current CME Term SOFR rates, please visit the official website at cmegroup.com