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Bond Market News
San Miguel Power Launches Tender & Exchange Offer for 5.7% Perp
November 25, 2025
San Miguel Global Power Holdings Corp (SMCGL) has launched a tender and exchange offer for its 5.7% Perp. The holders of the notes can either exchange their current holdings for an equal nominal amount of new USD-denominated perps or tender their existing securities at par, for cash, subject to a maximum acceptance amount. Final pricing terms for the new securities, including the coupon and credit spread, will be determined upon issuance. The exchange and tender offer expiration deadline is on 28 November 2025, with results to be announced on 2 December 2025.
Its 5.7% Perp is currently trading at 99.8, yielding 6.75%
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