Indenture Drafting for a Rule 144A / Regulation S Issuance

Summary

This practice note discusses drafting considerations for an indenture governing debt securities issued in a Rule 144A (17 C.F.R. § 230.144A) / Regulation S transaction, with a focus on covenants and transfer restrictions. An indenture is a contract between an issuer of securities and a trustee that contains the terms of the debt securities and defines the respective duties of each party. The trustee is responsible for, among other things, protecting debtholders' rights and ensuring that the issuer complies with the terms of the indenture.