An exchange offer is a financial transaction where a company offers its bondholders or shareholders the option to exchange their existing securities for new securities, often to adjust terms such as interest rates, maturity dates, or other financial conditions. This can be part of financial restructuring to extend maturities, reduce debt outstanding, or convert debt into equity. In mergers and acquisitions, it involves offering shareholders the chance to exchange their shares for securities, cash, or a combination of both. The mechanism can also be used in various other contexts, including debt settlement, equity restructuring, and even product exchanges where customers can trade in old products for new ones under specific terms and conditions[5).

The minimum down payment for a house varies depending on the type of loan. For conventional loans, the minimum down payment can be as low as 3%. Federal Housing Administration loans require a minimum of 3.5% down payment, while U.S. Department of Veterans Affairs and U.S. Department of Agriculture loans typically have no down payment requirement. Jumbo loans and investment properties often require higher down payments, such as 20% or more. Additionally, if the down payment is less than 20%, borrowers may need to pay private mortgage insurance [4).