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Real estate lender Walker & Dunlop Inc. became the first company to announce a U.S. leveraged loan sale that fully embraces regulators’ preferred replacement for the London interbank offered rate (LIBOR), a milestone in the shift away from LIBOR that could finally unleash a flood of copycats.

The $600 million seven-year loan will be benchmarked to the Secured Overnight Financing Rate (SOFR), according to a person familiar with the matter. LIBOR is being phased out because of the rigging scandal that came to light a decade ago, and SOFR is a leading candidate to fill its role.

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