The exchange process, managed by D.F. King & Co., allows for the issuance of new Senior Secured Notes due in 2038 and 2041. While the primary exchange windows closed earlier, these final results cover tenders submitted between the early deadline of August 5 and the final cutoff on August 20. The company will now proceed with the final settlement, scheduled for August 24, 2026.
Under the terms of the agreement, the company is capped at issuing $2 billion in new notes for each pool. Total participation across the exchange has resulted in the retirement of $2.75 billion in Pool 1 Notes and $2.75 billion in Pool 2 Notes. The 4.500% senior debentures due 2042 reached their specific sub-cap earlier in the process, meaning no further tenders for that series were accepted. The offering remains restricted to qualified institutional buyers and non-U.S. persons under specific regulatory exemptions.
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