preliminary offering circular

preliminary offering circular
A draft final offering circular (also called a pathfinder prospectus in UK equity issues and a red herring in the US) released to potential investors giving them comprehensive information on the issue of securities or bonds and the issuer company but omitting certain information on size and pricing, although some may include a price range. They are common in equity and high yield debt issues.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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