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DTC Underwriting Alert! DTC reminds folks of rules around Citadel Finance LLC's $600,000,000 3.375% Senior Notes due 2026.

Source: https://www.dtcc.com/-/media/Files/pdf/2023/9/18/B19027-23.pdf

TLDRS:

DTC reminds folks of rules around Citadel Finance LLC's $600,000,000 3.375% Senior Notes due 2026:

The investment is not registered under two important laws: the Investment Company Act of 1940 and the Securities Act of 1933. But it qualifies for special exemptions under these laws, which means it doesn't have to follow all the usual rules.
Only certain types of big, experienced investors, called "qualified institutional buyers" (QIBs) and "qualified purchasers" (QPs), can buy these notes.
You'd have to buy at least $1,000,000 worth of these notes.

Specific Rules for Buyers:

Buyers can't be small broker-dealers (firms that buy and sell securities).
They can't be employee-directed retirement plans like 401(k)s.
They must be buying for their own account or another qualified account.
They can't be a group formed just to buy these notes.
If you buy these notes, you can only sell or transfer them to another qualified buyer and you have to let them know about these rules.
The company issuing the notes may get a list of who owns them.
The notes will have a special note (or "legend") on them that talks about these rules.

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