A/B Exchange Offer

Also known as an Exxon Capital Exchange Offer or a 144A Exchange Offer. A registered exchange offer in which the issuer issues new registered securities (usually non-convertible debt) with terms identical to original securities issued in a private placement ( www.practicallaw.com/3-382-3710) and offers the new securities to the holders of the original restricted securities ( www.practicallaw.com/3-382-3767) in exchange for those original securities. The A/B exchange offer provides freely tradable securities to those investors that participate.

For more information on A/B exchange offers, see Practice Note, The Mechanics of A/B Exchange Offers ( www.practicallaw.com/6-500-8936) .

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