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ARTICLE · 18 APRIL 2022

Top 10 Practice Tips: Debt Tender Offers

Mayer Brown
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The following 10 practice points are intended to help you in assisting an issuer with a proposed debt tender offer for cash.

United StatesInsolvency/Bankruptcy/Re-Structuring
Anna T. Pinedo
Anna T. Pinedo
Alex J. Speyer
Alex J. Speyer
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The following 10 practice points are intended to help you in assisting an issuer with a proposed debt tender offer for cash. Often, issuers of debt securities seek to manage their outstanding obligations through liability management transactions, including debt tender offers for cash. Indeed, given the current low interest rate environment, companies may consider borrowing new debt to be a cheaper alternative to maintaining existing debt with higher fixed coupons. Companies may then use the proceeds from a new debt issuance or cash on hand to repurchase their outstanding debt with higher fixed coupons, thereby reducing their overall interest expense. Also, many companies with LIBOR or other IBOR-based debt with maturities extending beyond the transition date have, in the recent year, chosen to tender for these securities rather than to contemplate modifying the base rate. A cash tender offer consists of a public offer by the issuer to purchase all or a portion of

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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