New Five Business Day Timeline for Debt Tender or Exchange Offers | White & Case LLP International Law Firm, Global Law Practice
New Five Business Day Timeline for Debt Tender or Exchange Offers

New Five Business Day Timeline for Debt Tender or Exchange Offers

On January 23, 2015, the Staff of the US Securities and Exchange Commission issued a no-action letter (the “No-Action Letter”) providing that it would not recommend enforcement action with respect to a five business day timeline for tender or exchange offers for non-convertible debt securities meeting certain criteria. This no-action position supersedes the prior no-action letters of the SEC relating to abbreviated offering periods in non-convertible debt tender offers.

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