bobandsherry
Thinks s/he gets paid by the post
- Joined
- Nov 24, 2015
- Messages
- 2,695
^^^ I read it as being revised quarterly. IOW, on Apr 15, 2023 we'll get interest for Jan 16, 2023 to Apr 15, 2023 based on three-month libor on Jan 15 2023 plus 3.175% and that on July 15, 2023 we'll get interest for Apr 16, 2023 to Jul 15, 3023 based on the Apr 15, 2023 libor plus 3.175%, etc.
I'm doubting this remains outstanding until July, but unless something changes the 3ML rate ceases as of June 30, 2023. So the July reset rate and future will be different. SOFR to replace but haven't seen any official on how that will be adjusted. Current 3MS is 3.81 while 4.81. Something to be aware of with any issues resetting with 3ML.