This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
SMC Global Launches $400mn Buyback of Perps
October 26, 2022
San Miguel’s SMC Global Power has launched a buyback of up to $400mn of its outstanding senior perps, offering:
- $680 per $1,000 in principal for its 6.5% perps callable in 2024, which are currently trading at 67.29
- $660 per $1,000 in principal for its 5.95% perps callable in 2025, currently at 65.31
- $670 per $1,000 in principal for its 7% perps callable in 2025, currently at 68.00
- $650 per $1,000 in principal for its 5.7% perps callable in 2026, currently at 64.25
- $635 per $1,000 in principal for its 5.45% perps callable in 2026, currently at 62.00
The company said the buyback is “part of a proactive approach to the management of its capital structure,” adding that it will use available liquidity to fund the transaction, as per IFR. The tender offer expires on 4 November and settles around 9 November.
The move comes following a nosedive in its perps prices during the second week of October after a Bloomberg Intelligence report suggested that the company “risks a funding shortfall as high as $1 billion by next June”. CEO Ramon Ang later made a statement to reassure investors, stating “Banks will always take away your umbrella when it’s rainy season when you don’t have the money. But we have the money to pay…All the refinancing of San Miguel group of companies is done.”
For the full story, click here
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.