Shell International to swap reference rate for dollar floaters due 2023

By Marisa Wong

Los Angeles, June 28 – Shell International Finance BV announced CME term SOFR as the replacement reference rate for its outstanding Libor-linked dollar-denominated securities, namely its $500 million floating-rate guaranteed notes due 2023 (ISIN: US822582CA82).

CME term SOFR will be the new reference rate beginning July 3.

The interest rate payable on the dollar-denominated notes will be based on a spread of 40 basis points, plus a 26.161 bps adjustment for the transition.

Based in The Hague, Shell International Finance is a special purpose entity for Shell plc, a London-based oil and gas company.

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