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Feb 05, 2015

Flexibility for Debt Refinancings – New SEC No-Action Letter

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The SEC staff issued a no-action letter recently that will allow some companies to refinance their debt using tender and exchange offers shorter than the 20 business days required in the tender offer rules. The letter extends to high yield debt tender offers and to exchange offers pre-existing guidance that allowed shorter tender offers for investment grade debt. The letter also imposes a number of new limitations on and requirements for shorter tender offers.

View memo, Flexibility for Debt Refinancings – New SEC No-Action Letter

Authors and Contributors

Jonathan (JD) DeSantis

Partner

Capital Markets

+1 212 848 5085

+1 212 848 5085

New York

Lisa Jacobs

Partner

Capital Markets

+1 212 848 7678

+1 212 848 7678

New York

Merritt Johnson

Partner

Capital Markets

+1 212 848 7522

+1 212 848 7522

New York

Jason Lehner

Partner

Capital Markets

+1 416 360 2974

+1 416 360 2974

Toronto

Antonia E. Stolper

Partner

Capital Markets

+1 212 848 5009

+1 212 848 5009

New York