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SEC Staff Issues New Guidelines for Abbreviated Debt Tender Offers

Skadden, Arps, Slate, Meagher & Flom LLP

Brian V. Breheny Adrian J. S. Deitz Rajeev P. Duggal Ryan J. Dzierniejko Gregory A. Fernicola P. Michelle Gasaway David J. Goldschmidt Stephan Hutter Thomas J. Ivey Laura A. Kaufmann Belkhayat James A. McDonald Gregg A. Noel Michael J. Schwartz Jonathan B. Stone Kenji Taneda Danny Tricot Joseph (Yossi) Vebman Dwight S. Yoo Michael J. Zeidel Andrew J. Brady Pranav L. Trivedi

On January 23, 2015, the staff of the SEC’s Division of Corporation Finance issued revised guidance in connection with debt tender offers. Specifically, the guidance sets forth when a tender offer may be open for a period of fewer than 20 business days, as well as the number of days that must still remain in certain tender offers following a change to the consideration or terms of the offer. The new guidance modernizes a number of the SEC staff’s long-standing positions and impacts the terms and conditions of certain debt tender offers.

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