Outstanding US Law-Governed USD LIBOR Instruments Planned to Transition to Term SOFR
Outstanding US Law-Governed USD LIBOR Instruments Planned to Transition to Term SOFR
WOODLAND HILLS, Calif., Aug. 29, 2024 /PRNewswire/ -- Farmers Insurance Exchange, Truck Insurance Exchange and Fire Insurance Exchange (collectively, the "Exchanges") today announced the following:
2024年8月29日，加利福尼亚伍德兰山，Farmers Insurance Exchange、Truck Insurance Exchange和Fire Insurance Exchange（统称“交易所”）今天宣布了以下内容：
On March 5, 2021, the UK Financial Conduct Authority (the FCA) announced that all USD LIBOR settings will either cease publication or no longer be representative after June 30, 2023 (the "Cessation Date").
2021年3月5日，英国金融市场行为监管局（FCA）宣布，所有美元LIBOR基准利率设置将在2023年6月30日后停止发布或不再具有代表性（"终止日期"）。
Farmers Exchange Capital II issued $335 million of 6.151% Trust Surplus Notes Securities due 2053 and invested the proceeds thereof in an equivalent amount of surplus notes (collectively, the "2053 Notes") issued by the Exchanges and Farmers Exchange Capital III issued $500 million of 5.454% Trust Surplus Notes Securities due 2054 and invested the proceeds thereof in an equivalent amount of surplus notes (collectively, the "2054 Notes" and together with the 2053 Notes, the "Surplus Notes") issued by the Exchanges that:
农民交易所资本二公司发行了33500万美元的6.151%信托剩余票据证券，到期日为2053年，并将所得款项投资于相当数量的由交易所与农民交易所资本三公司发行的剩余票据（统称为"2053年票据"）。 农民交易所资本三公司发行了5.454%的5亿美元信托剩余票据证券，到期日为2054年，并将所得款项投资于相当数量的由交易所发行的剩余票据与农民交易所资本三公司发行的剩余票据（统称为"2054年票据"以及与2053年票据一起，"剩余票据"）：
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use USD LIBOR as a benchmark (i.e., as a reference for calculating or determining one or more valuations, payments or other measurements), |
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did not mature before the Cessation Date and |
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are governed by U.S. law or the law of a U.S. state. |
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使用美元LIBOR作为基准（即用作计算或判断一个或多个估值、支付或其他测量的参考）。 |
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在终止日期之前未到期，并且 |
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受美国法律或美国州法律管辖。 |
The Exchanges are issuing this press release to provide notice that the Three-Month USD LIBOR rate in each series of Surplus Notes will be replaced with the CME Term SOFR Reference Rate published for the three-month tenor corresponding to the relevant USD LIBOR rate as administered by CME Group Benchmark Administration, Ltd. (or any successor administrator thereof) ("Term SOFR") plus a tenor spread adjustment.
交易所发布此新闻稿，提供通知，表明在每个系列的财产净额注记中，三个月的美元LIBOR利率将被CME Group Benchmark Administration有限公司（或任何其继任者）管理的与相关美元LIBOR利率相对应的三个月期安排SOFR参考利率（“Term SOFR”）取而代之，再加上一个期限利差调整。
Non-workable contractual fallbacks
不可行的合约回退规定
Each of the 2053 Notes and the 2054 Notes fall into the non-workable contractual fallback category. Pursuant to the Adjustable Interest Rate (LIBOR) Act (the "LIBOR Act"), which was enacted by Congress on March 15, 2022, the Surplus Notes will, by operation of law, transition to three-month Term SOFR plus a tenor spread adjustment of 0.26161%.
2053注记和2054注记都属于不可行的合约回退类别。根据美元调整利率（LIBOR）法案（“LIBOR法案”），该法案于2022年3月15日由国会通过，根据法律的规定，凭借三个月期的Term SOFR加上0.26161%的期限利差调整过渡。
The contractual fallbacks in the Surplus Notes identify neither: (i) a specific benchmark replacement that is not based in any way on any USD LIBOR value nor (ii) a determining person with the authority to determine a replacement for USD LIBOR.
净额注记中的合约回退规定既没有确切说明：（i）不基于任何美元LIBOR值的具体基准替代品，也没有（ii）具有确定权力来判断美元LIBOR替代品的决定人。
The LIBOR Act provides that, for instruments such as these, the replacement benchmark rate selected by the Board of Governors of the Federal Reserve System (the "Board") will replace USD LIBOR. The Board has adopted final rules providing that, on and after the first London banking day after the Cessation Date (the "LIBOR replacement date"), in place of one-, three- or six-month tenors of USD LIBOR, the benchmark replacement for instruments such as these (the "Board-selected benchmark replacement") shall be Term SOFR for the corresponding tenor plus the applicable tenor spread adjustment. (See "Tenor Spread Adjustment" below.)
LIBOR法案规定，对于此类工具，由美联储理事会（“理事会”）选定的替代基准利率将取代美元LIBOR。理事会已颁布最终规则，规定在解散日后的首个伦敦银行业务日（“LIBOR替换日期”）及以后，对于一、三或六个月期美元LIBOR，这类工具的基准替代品（“理事会选定的基准替代品”）将是对应期限的Term SOFR加上适当的期限利差调整。（详见下文的“期限利差调整”）
Tenor Spread Adjustment
期限利差调整
The tenor spread adjustment for each tenor listed below, as set forth in the LIBOR Act and in final rules adopted by the Board, is:
根据LIBOR法案和理事会通过的最终规则，每个下列期限的期限利差调整如下：
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Currency |
Tenor |
Tenor Spread |
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USD |
1 Month |
0.11448 % |
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USD |
3 Months |
0.26161 % |
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USD |
6 Months |
0.42826 % |
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货币 |
期限 |
久期间隔 |
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美元指数 |
1个月 |
0.11448% |
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美元指数 |
3个月 |
0.26161 % |
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美元指数 |
6个月 |
0.42826 % |
Conforming Changes
符合性变动
The Board's final rules also provide for certain conforming changes described in further detail in Annex 1.
董事会的最终规定还提供了进一步详细描述的某些符合性变动，请参见附件1。
This press release applies only to the Surplus Notes.
此新闻稿仅适用于剩余票据。
The Surplus Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Surplus Notes were offered in the United States only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
剩余票据尚未且将不会在1933年证券法（经修订）（“证券法”）或任何州证券法下登记，也无法在美国境内以注册或证券法和适用州证券法项下的免注册豁免或免税为例，提供或出售。剩余票据仅在符合证券法144A规则并在美国境内的合格机构买方范围内提供，且仅在符合证券法S条例的规定下提供给非美国人士以外的其他地区。
About Farmers Insurance Exchange
"Farmers Insurance" and "Farmers" are tradenames for a group of insurers providing insurance for automobiles, homes, small businesses and a wide range of other insurance and financial services products. For more information about Farmers Insurance, visit Farmers.com or follow Farmers on Twitter @WeAreFarmers, on Instagram @WeAreFarmers and Facebook.com/FarmersInsurance.
关于Farmers Insurance Exchange
“Farmers Insurance”和“Farmers”是一群提供汽车、住宅、小企业和各类其他保险和金融服务产品的保险公司的商标。有关Farmers Insurance的更多信息，请访问Farmers.com或关注Farmers在Twitter上的@WeAreFarmers，Instagram上的@WeAreFarmers以及Facebook.com/FarmersInsurance。
Annex 1
附件1
Conforming changes
符合变更
Conforming changes
符合变更
Under the LIBOR Act, if the Board-selected benchmark replacement becomes the benchmark replacement for an instrument, all benchmark replacement conforming changes will become an integral part of the instrument. Benchmark replacement conforming changes are technical, administrative or operational changes, alterations or modifications that
根据LIBOR法案，如果董事会选定的基准替代品成为某一工具的替代品，所有与基准替代品相符的变更将成为该工具的固有部分。基准替代品相符变更是技术、行政或操作变更、修改或调整，经董事会判断，可解决与LIBOR合同中选定的基准替代品相关的一个或多个问题。
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the Board determines, in its discretion, would address one or more issues affecting the implementation, administration and calculation of the Board-selected benchmark replacement in LIBOR contracts; or |
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in the reasonable judgment of a person responsible for calculating or determining any valuation, payment or other measurement based on a benchmark (a "calculating person"), are otherwise necessary or appropriate to permit the implementation, administration and calculation of the Board-selected benchmark replacement under or with respect to a LIBOR contract after giving due consideration to any benchmark replacement conforming changes implemented by the Board. |
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董事会判断，基准替代品相符变更是指涉及对LIBOR合同中选定的基准替代品的实施、管理和计算等方面的一个或多个问题需要做出的技术、行政或操作方面的变更、更改或修改。 |
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根据一个负责计算或确定基准估值、付款或其他测量的人（称为"计算人"）的合理判断，在选择基准替代方案的实施、管理和计算后，否则会有其他必要或适当的情况，需要充分考虑委员会实施的任何基准替代变更。 |
The Board has adopted final rules providing that the following benchmark replacement conforming changes will become an integral part of instruments:
该委员会已经制定了最终规定，规定以下基准替代变更将成为工具的一个重要组成部分。
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Any reference to a specified source for USD LIBOR (such as a particular newspaper, website, or screen) shall be replaced with the publication of the applicable Board-selected benchmark replacement (inclusive of the relevant tenor spread adjustment) by either the relevant benchmark administrator for the applicable Board-selected benchmark replacement or any third party authorized by the relevant benchmark administrator to publish the applicable Board-selected benchmark replacement. |
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Any reference to a particular time of day for determining USD LIBOR (such as 11:00 a.m. London time) shall be replaced with the standard publication time for the applicable Board-selected benchmark replacement (inclusive of the relevant tenor spread adjustment), as established by the relevant benchmark administrator. |
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Any provision of a LIBOR contract requiring use of a combination (such as an average) of LIBOR values over a period of time that spans the LIBOR replacement date shall be modified to provide that the combination shall be calculated consistent with that contractual provision using (i) the applicable LIBOR for any date prior to the LIBOR replacement date and (ii) the applicable Board-selected benchmark replacement rate for any date on or following the LIBOR replacement date, respectively. |
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To the extent a Board-selected benchmark replacement is not available or published on a particular day indicated in the LIBOR contract as the determination date, the most recently available publication of the Board-selected benchmark replacement will apply. |
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对于美元LIBOR的任何指定来源的参考（例如特定报纸、网站或屏幕），应该用适用的基准替代方案的发布（包括相关的期限传输调整）来替换，发布方可以是适用基准替代方案的基准管理者或任何被基准管理者授权发布适用的基准替代方案的第三方。 |
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为了判断USD LIBOR的特定时间（例如伦敦时间上午11点），将使用适用的董事会选择的基准替代品标准发布时间（包括相关期限价差调整）代替。这个标准是由相关基准管理机构制定的。 |
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对于LIBOR合同的任何规定，要求使用跨越LIBOR替代日期时间期间的LIBOR值组合（例如平均值），将被修改为按照合同规定使用的组合进行计算，分别使用(i) 替代LIBOR日期之前的适用LIBOR (ii) 替代LIBOR日期及之后的董事会选择的基准替代利率。 |
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在LIBOR合同中所指定的确定日期当天，如果董事会选择的基准替代方案不可得或未发布，则将适用最新可获得的董事会选择的基准替代方案的发布。 |
SOURCE Farmers Insurance
信息来源：保险农民
