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Bond Market News
San Miguel Launches Exchange and Tender Offer for Its Perps
November 15, 2024
San Miguel Global Power launched an exchange and tender offer on some of its dollar bonds. The exchange offer will be applicable for its:
- 5.95% Perp on a par for par basis with a cash consideration of 1.5% and thus, an exchange price of $101.5 per $100 in face value. It can buy any and all of the notes under the offer.
- 7% Perp on a par for par basis with a cash consideration of 1.5% and thus, an exchange price of $101.5 per $100 in face value. It can buy any and all of the notes under the offer.
- 5.7% Perp on a par for par basis with no cash consideration and thus, an exchange price of $100 per $100 in face value. It can buy any and all of the notes under the offer.
The new perpetual notes to be exchanged are yet to be determined, but will be issued at par. Separately, it also launched a tender offer for two of its dollar bonds:
- 5.95% Perp at a purchase price of $101 per $100 in face value. The notes currently trade at $100.10.
- 7% Perp at a purchase price of $101 per $100 in face value. The notes currently trade at $100.16.
The maximum amount to be accepted under the tender is yet to be determined and is at the sole discretion of San Miguel following the pricing of the new notes. However, it will not exceed the net proceeds from the new notes. The tender offer will expire on 22 November 2024.
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