The SEC staff issued a no-action letter recently that will allow some companies to refinance their debt using tender and exchange offers shorter than the 20 business days required in the tender offer rules. The letter extends to high yield debt tender offers and to exchange offers pre-existing guidance that allowed shorter tender offers for investment grade debt. The letter also imposes a number of new limitations on and requirements for shorter tender offers.

The no-action letter—Abbreviated Tender or Exchange Offers for Non-Convertible Debt Securities, January 23, 2015—supersedes prior no-action letters for tender offers launched after its date.