Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

The SEC recently provided no-action relief for five-day tender offers. The new no-action letter eases requirements in the following areas:

  • The tender offer must be open for five business days rather than a seven to ten calendar day period under existing no-action relief.
  • The relief allows for exchange offers that meet defined parameters.
  • The no-action letter eliminates the distinction between investment grade and non-investment grade securities.

Among other things, the relief is not available where an issuer seeks to solicit exit consents to modify the terms of an indenture to strip covenants.


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