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Bond Market News
San Miguel Cancels Exchange and Tender Offers; Affirms Commitment to Redeem Notes
December 1, 2025
San Miguel Global Power announced that it is canceling its previously launched exchange offer and tender offer for its existing securities, citing current market conditions. The two offers had given investors the option to swap their current holdings for new securities or have them repurchased for cash. With the termination, any securities investors had already submitted will not be exchanged or bought back. Inttead, they will be returned to investors’ accounts. San Miguel said that this decision does not affect its broader financial commitments and stated that it remains fully committed to redeeming the existing securities on their step-up date. The company noted that it will make additional announcements once it is prepared to move forward with the redemption process. For investors, the early exit or exchange option is no longer available, and holdings will continue under their original terms until the planned redemption.
Its 5.7% Perp traded stable at 99.9, yielding 6.6%
To view San Miguel’s exchange filing, click here
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