Debt Management / Post Issue Compliance

Debt Management / Post Issue Compliance

After the bond sales, issuers have continuing disclosure responsibilities to provide annual financial operating information or notice of any failure to do so as well as notice of certain material events. The Security Exchange Commission’s Rule 15c2-12 identifies 14 material events:

  1. Principal and interest payment delinquencies
  2. Non-payment related defaults
  3. Unscheduled draws on debt service reserves reflecting financial difficulties
  4. Unscheduled draws on credit enhancements reflect financial difficulties
  5. Substitution of credit or liquidity providers, or their failure to perform
  6. Adverse tax opinions or events affecting the tax-exempt status of the security
  7. Modifications to rights of security holders
  8. Bond calls and tender offers
  9. Defeasances or the termination of the rights and interests of bondholders under terms of the bond documents
  10. Release, substitution or sale of property securing repayment of the securities
  11. Rating changes
  12. Bankruptcy, insolvency or receivership
  13. Merger, acquisition or sale of all issuer assets
  14. Appointment of successor trustee

Training

Best Practices in Debt ManagementLive Training, 
  • November 18, 2014