The 3.5-year senior secured bond is structured under the dual format of Reg S and Reg S 144A. Under this format, securities that are sold outside the US without registration with the US regulators can be resold in the US. The 3.5-year senior secured bond is structured under the dual format of Reg S and Reg S 144A. Under this format, securities that are sold outside the US without registration with the US regulators can be resold in the US. Economic Times