What is liability management, and which instruments do you know?

Liability management means actively managing existing debt profile: maturity, coupon, currency, covenants, and investor base. Instruments include tender offers, exchange offers, consent solicitations, make-whole calls, open-market repurchases, refinancing, amend-and-extend, and covenant waivers. Objectives include reducing interest cost, extending maturity, removing covenants, or simplifying capital structure.