Slaughter and May advised Schroders plc in relation to the replacement of LIBOR with SONIA as the reference rate for its corporate syndicated revolving credit facility agreement

Slaughter and May advised Schroders plc (“Schroders”) in relation to the amendment and restatement of its existing corporate syndicated revolving credit facility agreement in order to switch the reference rate from LIBOR to the Sterling Overnight Index Average. This is one of the first syndicated credit facilities to be linked to the Sterling Overnight Index Average.

Slaughter and May previously also advised Schroders in relation to converting this revolving credit facility agreement into an innovative ESG-linked, sustainability linked loan agreement.