January 26, 2015

Securities Alert: SEC Issues No-Action Letter Regarding Specified Issuer Tender or Exchange Offers for Non-Convertible Debt Securities

Summary: By letter dated January 23, 2015, in response to a no-action request submitted by a group of nationally recognized law firms and supported by the Credit Roundtable, the staff of the SEC’s Division of Corporation Finance (Staff) stated that it will not recommend that the SEC take enforcement action under Rule 14e-1(a) or Rule 14e-1(b) under the Securities Exchange Act of 1934 (Exchange Act) if an offeror conducts a “Five Business Day Tender Offer” on the terms described below. The no-action relief granted represents an expansion of prior relief granted by the Staff in the context of issuer tender offers for specified non-convertible debt securities.


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