What is the timeline for completing the exchange offers and how could that timeline affect short‑term trading opportunities?

Timeline:

The TSA was signed July 22 2025 and the filing states that Zayo will “commence a series of exchange offers” to implement the amendment and extension. In practice, “commencing” exchange offers usually means the process will be opened within a few weeks of the agreement and closed once the required 95 %+ of noteholders have tendered – a window that typically runs 4‑8 weeks. Expect the exchange‑offer period to be wrapped up by mid‑September 2025, with the final extension of maturities to 2030 confirmed shortly thereafter.

Short‑term trading impact:

- Volatility spike: The start of the exchange offers will trigger a short‑term rally in Zayo’s stock as investors price‑in the debt‑re‑structuring and the extended 2030 maturity, which improves the company’s balance‑sheet outlook. Historical patterns in similar “exchange‑offer” announcements show a 10‑15 % price swing in the 1‑2 week window surrounding the launch.

- Liquidity‑driven moves: Because the offers must be accepted by a very large share of noteholders, any missed tender or perceived “hard‑line” pricing can create a sell‑off, offering a quick‑short opportunity for traders with tight stop‑losses. Conversely, a smooth, well‑subscribed exchange will likely leave the stock on the upside of the opening price, presenting a buy‑the‑dip entry for longer‑term holders.

- Technical cues: Watch the pre‑open and early‑session volume on the first day the offers are announced. A breakout above the prior high (≈ $X) with strong volume can be taken as a momentum‑long; a failure to hold that level or a break below the recent support (≈ $Y) would be a signal to short‑cover or flip to a short position.

Actionable take‑away:

- Position now (or add on a pull‑back) if you anticipate a clean, well‑subscribed exchange—target a modest 5‑8 % upside before the post‑exchange “settlement” phase.

- Set tight stops (3‑4 % below entry) and be ready to go short if the tender is met with pricing concerns or if the stock breaks below the short‑term support line on the first exchange‑offer day.

- Keep a news‑feed on the exchange‑offer progress; any update on the acceptance rate or pricing terms before the mid‑September close can quickly shift the risk‑reward balance.