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 company at 50% of par.
3. Allow investors to trade their bonds for shares of a different company.
4. Automatically convert all floating-rate debt into fixed-rate debt.

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