1-Hour Program

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Overview

A recently issued SEC no-action letter provides for an abbreviated approach to tender offers and exchange offers involving non-convertible debt securities provided certain conditions are met.  The new guidance may offer increased flexibility to issuers that are considering restructuring their liabilities.  Issuers considering a restructuring also should consider recent court decisions related to the application of the Trust Indenture Act.  During the session, David M. Lynn and Anna T. Pinedo of Morrison & Foerster LLP will discuss: 

  • Debt repurchases;
  • No-action letter guidance for debt tenders;
  • New guidance for tender offers not meeting the conditions of the no-action letter;
  • Consent solicitations and the Trust Indenture Act; and
  • Tax considerations in a restructuring.

Credit Details