Public Finance Webinar: Municipal Tender and Exchange Transactions

Recently, a number of larger municipal bond issuers have successfully undertaken combined tender and exchange transactions.  In these transactions, the issuer makes a public offer to holders of its existing bonds to either tender old bonds for cash, with the cash funded from the issuance of new bonds, or exchange old bonds for new bonds.  This webinar focuses on the legal issues and related documentation of these transactions.  The presenters have worked on a number of combined tender and exchange transactions in roles as bond counsel and as dealer manager/underwriter’s counsel and are familiar with some of the different approaches that have been employed. 

Specific topics to be covered include:

• Document and Disclosure Considerations for the tender and exchange offer documents, including tax disclosure and related structuring considerations
• Securities law considerations and limitations
• Federal tax reporting requirements of the issuer
• Determining the issue price of the newly issued exchange bonds