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 and offers the new securities to the holders of the original restricted securities 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.