medium · Debt Capital Markets
A portability provision has a 'sunset' clause. If the bonds were issued on 2024-06-10 with a 24-month portability window, what happens to a Change of Control occurring on 2026-07-01?
- The Change of Control Put price increases to 103%.
- Portability is still available if leverage is below 3.0×.
- The issuer must obtain a rating upgrade to maintain portability.
- Portability is no longer available regardless of the leverage ratio.
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