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Bond Market News
Medco Energi Buys Back Some of its 2026s, 2027s
October 9, 2024
Medco Energi bought back $125.9mn of its dollar bonds due 2026 and 2027. It repurchased $57.1mn of its 7.375% 2026s and $68.8mn 6.375% 2027s, as per a filing. Including an early tender premium of $30 for each $1,000 in principal, it will pay $1,015 for the 2026s and $997.50 for the 2027s for each $1,000 in principal, for notes tendered before October 3. For those tendered between then and October 21, it will be $985 for the 2026s
The expected settlement date for the tender offers is October 24. Medco Energi and its senior unsecured notes were recently upgraded in June by a notch to BB- from B+ by S&P, reflecting financial flexibility for Medco Energi due to its 20.92% equity stake.
Medco Energi 7.375% 2026s and 6.375% 2027s are trading stable at 101.4 and 99.75, yielding 6.4% and 6.5% respectively.
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