On September 12, 2012, the Irs (IRS) issued final rules (the ultimate Rules) which will make it simpler to issue fungible tack-on debt instruments in situations where either the initial debt instruments or even the tack-on debt instruments are issued with original issue discount (OID) for tax purposes. The Ultimate Rules accomplish this result by expanding the definitions of “qualified reopening” and “publicly traded,” each of which are central towards the analysis of whether a tack-on debt issuance is going to be treated as fungible by having an outstanding number of debt instruments for tax purposes. The revised meaning of “qualified reopening” pertains to reopenings on or after September 13, 2012, as the revised meaning of “publicly traded” pertains to debt instruments issued on or after November 13, 2012.
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