Truist is actively preparing for the end of LIBOR. We’re engaged with industry groups and the ARRC, and monitoring real-time developments in LIBOR transition. We’ve established a LIBOR transition team with representatives from all lines of business impacted by LIBOR transition and subject matter experts to manage the transition from LIBOR for the company and its clients. This team is diligently developing and implementing plans to update processes, systems, and documentation, as appropriate.
While most loans include some form of fallback language that provides for the replacement of LIBOR should it become unavailable, we’ve updated our loan documentation to include current industry standard fallback language. We’re also reviewing existing documentation to determine if any further action is required. And, we’re expanding alternative reference rates available for clients to consider.
We understand that the end of LIBOR will impact our clients, and we’re focused on keeping you first by providing communication and education to minimize any disruption this may cause. During the next several months, we’ll provide additional information through client communications, resources, and contact with relationship managers.