SEC Issues Exemptive Order Expanding Availability Of Five-business-day Tender Offer For Certain Non-convertible Debt Securities

On June 30, 2026, the Division of Corporation Finance of the U.S. Securities and Exchange Commission issued an Exemptive Order for Tender or Exchange Offers for Non-Convertible Debt Securities (the "2026 Exemptive Order") replacing the Division's 2015 no-action letter (the "2015 Letter"), expanding the permission for certain abbreviated tender offers for non-convertible debt securities to remain open for a minimum of five business days, rather than the 20 business days required under Rule... By: White & Case LLP