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，加利福尼亞伍德蘭山，Farmers Insurance Exchange、Truck Insurance Exchange和Fire Insurance Exchange（統稱「交易所」）今天宣佈了以下內容：
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，英國金融市場行爲監管局（FCA）宣佈，所有美元LIBOR基準利率設置將在2023年6月30日後停止發佈或不再具有代表性（"終止日期"）。
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:
農民交易所資本二公司發行了33500萬美元的6.151%信託剩餘票據證券，到期日爲2053年，並將所得款項投資於相當數量的由交易所與農民交易所資本三公司發行的剩餘票據（統稱爲"2053年票據"）。 農民交易所資本三公司發行了5.454%的5億美元信託剩餘票據證券，到期日爲2054年，並將所得款項投資於相當數量的由交易所發行的剩餘票據與農民交易所資本三公司發行的剩餘票據（統稱爲"2054年票據"以及與2053年票據一起，"剩餘票據"）：
|
i. |
use USD LIBOR as a benchmark (i.e., as a reference for calculating or determining one or more valuations, payments or other measurements), |
|
ii. |
did not mature before the Cessation Date and |
|
iii. |
are governed by U.S. law or the law of a U.S. state. |
|
i. |
使用美元LIBOR作爲基準（即用作計算或判斷一個或多個估值、支付或其他測量的參考）。 |
|
ii. |
在終止日期之前未到期，並且 |
|
iii. |
受美國法律或美國州法律管轄。 |
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.
交易所發佈此新聞稿，提供通知，表明在每個系列的財產淨額註記中，三個月的美元LIBOR利率將被CME Group Benchmark Administration有限公司（或任何其繼任者）管理的與相關美元LIBOR利率相對應的三個月期安排SOFR參考利率（「Term SOFR」）取而代之，再加上一個期限利差調整。
Non-workable contractual fallbacks
不可行的合約回退規定
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註記和2054註記都屬於不可行的合約回退類別。根據美元調整利率（LIBOR）法案（「LIBOR法案」），該法案於2022年3月15日由國會通過，根據法律的規定，憑藉三個月期的Term SOFR加上0.26161%的期限利差調整過渡。
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.
淨額註記中的合約回退規定既沒有確切說明：（i）不基於任何美元LIBOR值的具體基準替代品，也沒有（ii）具有確定權力來判斷美元LIBOR替代品的決定人。
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法案規定，對於此類工具，由聯儲局理事會（「理事會」）選定的替代基準利率將取代美元LIBOR。理事會已頒佈最終規則，規定在解散日後的首個倫敦銀行業務日（「LIBOR替換日期」）及以後，對於一、三或六個月期美元LIBOR，這類工具的基準替代品（「理事會選定的基準替代品」）將是對應期限的Term SOFR加上適當的期限利差調整。（詳見下文的「期限利差調整」）
Tenor Spread Adjustment
期限利差調整
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:
根據LIBOR法案和理事會通過的最終規則，每個下列期限的期限利差調整如下：
|
Currency |
Tenor |
Tenor Spread |
|
USD |
1 Month |
0.11448 % |
|
USD |
3 Months |
0.26161 % |
|
USD |
6 Months |
0.42826 % |
|
貨幣 |
期限 |
久期間隔 |
|
美元指數 |
1個月 |
0.11448% |
|
美元指數 |
3個月 |
0.26161 % |
|
美元指數 |
6個月 |
0.42826 % |
Conforming Changes
符合性變動
The Board's final rules also provide for certain conforming changes described in further detail in Annex 1.
董事會的最終規定還提供了進一步詳細描述的某些符合性變動，請參見附件1。
This press release applies only to the Surplus Notes.
此新聞稿僅適用於剩餘票據。
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.
剩餘票據尚未且將不會在1933年證券法（經修訂）（「證券法」）或任何州證券法下登記，也無法在美國境內以註冊或證券法和適用州證券法項下的免註冊豁免或免稅爲例，提供或出售。剩餘票據僅在符合證券法144A規則並在美國境內的合格機構買方範圍內提供，且僅在符合證券法S條例的規定下提供給非美國人士以外的其他地區。
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.
關於Farmers Insurance Exchange
「Farmers Insurance」和「Farmers」是一群提供汽車、住宅、小企業和各類其他保險和金融服務產品的保險公司的商標。有關Farmers Insurance的更多信息，請訪問Farmers.com或關注Farmers在Twitter上的@WeAreFarmers，Instagram上的@WeAreFarmers以及Facebook.com/FarmersInsurance。
Annex 1
附件1
Conforming changes
符合變更
Conforming changes
符合變更
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
根據LIBOR法案，如果董事會選定的基準替代品成爲某一工具的替代品，所有與基準替代品相符的變更將成爲該工具的固有部分。基準替代品相符變更是技術、行政或操作變更、修改或調整，經董事會判斷，可解決與LIBOR合同中選定的基準替代品相關的一個或多個問題。
|
i. |
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 |
|
ii. |
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. |
|
i. |
董事會判斷，基準替代品相符變更是指涉及對LIBOR合同中選定的基準替代品的實施、管理和計算等方面的一個或多個問題需要做出的技術、行政或操作方面的變更、更改或修改。 |
|
ii. |
根據一個負責計算或確定基準估值、付款或其他測量的人（稱爲"計算人"）的合理判斷，在選擇基準替代方案的實施、管理和計算後，否則會有其他必要或適當的情況，需要充分考慮委員會實施的任何基準替代變更。 |
The Board has adopted final rules providing that the following benchmark replacement conforming changes will become an integral part of instruments:
該委員會已經制定了最終規定，規定以下基準替代變更將成爲工具的一個重要組成部分。
|
(1) |
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. |
|
(2) |
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. |
|
(3) |
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. |
|
(4) |
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. |
|
(1) |
對於美元LIBOR的任何指定來源的參考（例如特定報紙、網站或屏幕），應該用適用的基準替代方案的發佈（包括相關的期限傳輸調整）來替換，發佈方可以是適用基準替代方案的基準管理者或任何被基準管理者授權發佈適用的基準替代方案的第三方。 |
|
(2) |
爲了判斷USD LIBOR的特定時間（例如倫敦時間上午11點），將使用適用的董事會選擇的基準替代品標準發佈時間（包括相關期限價差調整）代替。這個標準是由相關基準管理機構制定的。 |
|
(3) |
對於LIBOR合同的任何規定，要求使用跨越LIBOR替代日期時間期間的LIBOR值組合（例如平均值），將被修改爲按照合同規定使用的組合進行計算，分別使用(i) 替代LIBOR日期之前的適用LIBOR (ii) 替代LIBOR日期及之後的董事會選擇的基準替代利率。 |
|
（4） |
在LIBOR合同中所指定的確定日期當天，如果董事會選擇的基準替代方案不可得或未發佈，則將適用最新可獲得的董事會選擇的基準替代方案的發佈。 |
SOURCE Farmers Insurance
信息來源：保險農民