News reports indicate that the U.K. Treasury has selected NYSE Euronext, the parent company of the New York Stock Exchange, to replace the British Bankers' Association (BBA) in early 2014 as the entity that administers the London interbank offering rate ("LIBOR").

Lenders and borrowers should monitor their LIBOR provisions in loan documents to see whether any adjustments to language in forms and outstanding documents need to be made to replace references to BBA with references to NYSE Euronext. Also, parties should monitor upcoming announcements as to whether Reuters, Bloomberg and other reporting sources referenced in loan documents will continue to report LIBOR rates, and whether there will be any changes in terminology or page listings.