easy · Debt Capital Markets rates-macro-drivers

An 'Exchange Offer' is primarily used to do what with a company's debt?

1. Replace existing bonds with new ones, often with a longer maturity, without using cash.
2. Force all bondholders to sell their debt back to the issuer at just 50% of par value.
3. Allow investors to swap their existing bonds for newly issued equity shares in a rival company.
4. Automatically convert every floating-rate note the issuer has left outstanding into fixed-rate debt.

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