October 13, 2020
IRS issues new IBOR rate conversion guidance for debt instruments, swaps and similar financial instruments: Rev. Proc. 2020-44
On Friday, October 9, the IRS released a revenue procedure, Rev. Proc. 2020-44 (“Procedure”). The Procedure provides guidance on modifications of financial instruments necessitated by the move from the London Interbank Offered Rate (LIBOR), and other interbank offered rates (IBORs), to alternative reference rates for use in contracts recommended by the Alternative Reference Rates Committee (ARRC) and the International Swaps and Derivatives Association (ISDA).