Скачать презентацию Why Why now Options Options
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Why?
Why now?
Options
Options explained
Options explained (cont’d)
Choosing among these options
Factors to consider in choosing
Factors to consider in choosing (cont’d)
Factors to consider in choosing (cont’d)
Thinking ahead
Redemptions
Redemptions (cont’d)
Redemptions (cont’d)
Other considerations
Repurchases
Benefits of a repurchase
Avoiding the tender offer rules
Avoiding the tender offer rules (cont’d)
“Equity” for tender offer purposes
Other considerations
Other considerations (cont’d)
Tenders for straight debt securities
Participation
How is a tender priced?
Tenders for investment grade debt
Pricing – fixed spread
Pricing – real-time fixed-spread
Other considerations
Tenders for convertible debt
Tenders for convertible debt (cont’d)
Exchange offers
Private exchange offers
Private exchange offers - process
Section 3(a)(9) exchange offers
Section 3(a)(9) exchange offers (cont’d)
Section 3(a)(9) exchange offers (cont’d)
Section 3(a)(9) exchange offers (cont’d)
Role of financial adviser
Registered exchange offers
Considerations for exchange offers
Challenges to consider
Consent solicitations
Consent solicitations (cont’d)
Consent solicitations
Debt/equity swaps
Debt/equity swaps (cont’d)
Equity for equity exchanges
Tax considerations for issuers
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for issuers (cont’d)
Tax considerations for holders
Tax considerations for holders (cont’d)
Tax considerations for holders (cont’d)
Legal challenges
Legal challenges (cont’d)
Financial advisers role
Financial advisers role (cont’d)
Financial advisers role (cont’d)