To briefly recount where we stand in the USD LIBOR transition process, on March 5, 2021, LIBOR's administrator, the ICE Benchmark Administration, and LIBOR's regulator, the UK Financial Conduct Authority, announced that (1) 1-week and 2-month USD LIBOR would cease to be published after Dec. 31, 2021 and (2) 1-, 3-, 6- and 12-month USD LIBOR would cease to be published after June 30, 2023. U.S. bank regulators have encouraged U.S. banks to use the secured overnight funding rate (SOFR) published by the Federal Reserve Bank of New York as a replacement interest rate.