The end of the London Interbank Offered Rate (LIBOR) is nigh. Existing multicurrency credit facilities and all new credit facilities will soon no longer use LIBOR – a staple of the financing world for years – as a benchmark interest rate. PE sponsors entering into new subscription credit facilities will be seeing a non-LIBOR benchmark rate in their loan agreements. This second article in a two-part series addresses important aspects of LIBOR remediation in the subscription line space that managers should monitor, including the amount of the spread adjustment and the timing of the actual transition. The first article explored what PE sponsors should know about the LIBOR transition and how the PE industry is reacting to the coming end of LIBOR. See our two-part series on trends in the use of subscription credit facilities: “Advantages for PE Investors and Sponsors Have Led to Adoption by Some Private Funds” (Jan. 24, 2019); and “Structuring Considerations Negotiated With Lenders and Important LPA and Side Letter Provisions” (Feb. 7, 2019).