A formal auction document was sent to all debt holders setting out the reverse auction rules and requesting submission of their price and amount by a certain date and time. Upon expiry of the deadline when all offers had been received, PMC informed the sponsor and tendering debt holders of the outcome. Inevitably there were a number of questions asked during the auction process, both procedural and relating to the underlying debt (e.g. pricing of accrued interest) but PMC’s involvement gave both the sellers and the Sponsor the knowledge that their interests were being respected.
If you think that PMC can help you in a similar process, please let us know.