Shearman And Sterling

Event Apr 23, 2020

“Open Market Purchases and Liability Management in the COVID-19 Era” Webinar

  • Webcast

The current state of the markets may lead to a heightened interest by companies to repurchase their debt and/or equity securities, though the reasons for doing so will differ from one issuer to another. Formal tender or exchange offers involve considerable publicity, expense and time of execution issues compared to open market repurchases. However, issuers need to be careful about open market repurchases as doing so raises a range of corporate law, contractual, securities law, accounting and tax issues.

During this webinar, partners Stuart Fleischmann, Grissel Mercado (both New York-Capital Markets) and Roberta Cherman (São Paulo-Capital Markets), discussed certain key aspects that companies and market players should consider as they evaluate the legal implications and strategic considerations of security repurchases in the open market, including:

  • How companies are dealing with movements in debt and equity prices
  • Open market purchases and plans
  • Public versus private transactions
  • Types of liability management transactions
  • Funding mechanics
  • Regulatory considerations
  • Sovereign versus corporate distinctions