Can project finance live without Libor?

The London Interbank Offered Rate has served for decades as the benchmark for pricing project finance loans. But Libor is set to be replaced, and the implications for lenders and borrowers are not completely clear. With the pending replacement of Libor with SOFR, lenders and sponsors will need to get used to a whole new way of benchmarking debt and funding costs. The Berkeley Research Group’s Michael Whalen discusses progress to date on moving beyond Libor.