British American Tobacco signed the first multi-currency revolving credit facility, which used a large number of risk-free interest rates as benchmarks, possibly overcoming an obstacle that credit market participants have long said hinders libor`s path. Interest on BAT revolving facility loans shall relate to LIBOR or EURIBOR until the facility trigger mechanism switches the LIBOR reference rate on GBP loans, SONIA, and for USD loans, SOFR. For the first time on the market, the facility agreement includes the use of the SOFR index published by the Federal Reserve Bank of New York, as well as a mechanism for bat and lenders to choose a SONIA index. Pending the shutdown of the London Interbank Offered Rate (LIBOR), it is the first fully syndicated credit facility in the world to be linked to both the Sonia (Sterling Overnight Index Average) and the Secure Financing Rate (SOFR). This is the world`s first multi-currency credit agreement that includes both the “SONIA” and the Secured Financing Rate (“SOFR”) – the standard reference rates that are underway to replace LIBOR for sterling and USD loans. It also includes the euro short-term interest rate (“€STR”) as the reference rate for euro-swingline loans, which is to replace EONIA in euros on an overnight basis. . . .