Section 3(a)(9) Exchange Offers

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Many issuers are now focused on liability management transactions as part of a new and increased effort to restructure and strengthen their balance sheets in light of the recent financial crisis. Financial institutions also are engaging in liability management transactions in order to meet Tier 1 and other capital requirements. In addition, debtors and creditors recently have been more receptive to pursuing voluntary, out-of-court restructurings as an alternative to bankruptcy. Liability management is attractive for many issuers as there are a wide array of transactions and restructuring options available for issuers, including redemptions, repurchases, debt tenders, private exchange offers, Section 3(a)(9) exchange offers, registered exchange offers, debt for equity swaps, equity for equity exchanges, and consent solicitations.1

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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