Baker McKenzie advises UBS Switzerland AG on LIBOR transition for their syndicated credit facility agreements

Baker McKenzie advised UBS Switzerland AG as sole Swiss legal counsel on the switch from LIBOR to risk-free rates in their Swiss-law-governed syndicated credit facility agreements with UBS Switzerland AG acting as agent.

Given UBS Switzerland AG's strong position in the Swiss syndicated loan market, Baker McKenzie Switzerland produced a substantial part of the Swiss LIBOR switch documentation. Earlier this year, Baker McKenzie had drafted the Swiss model documentation for CHF LIBOR transition in Swiss-law-governed syndicated credit facility agreements in a pro bono project for the Swiss National Working Group on Swiss Franc Reference Rates (NWG). Further, Baker McKenzie's Lukas Glanzmann rendered two expert opinions for the NWG on the permissibility of the use of compounded interest rates, both of which have been published on the website of the Swiss National Bank.