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Bond Market News
SMC Global Power Launches Exchange Offer, Mandate for New $ Bond
August 28, 2024
San Miguel Global Power Holdings Corp (SMC Global Power) has hired bankers for the launch of a new dollar bond offering. It has also simultaneously launched and exchange offer (more details below). If the new bonds are issued, net proceeds will be applied in following order:
- Costs and expenses related to concurrent exchange offers – including payment of accrued interest, payment of purchase price
- Toward pre-development costs of solar energy projects
As part of the all-cash exchange offer, SMC plans to exchange its USD 5.95% Perp and USD 7% Perp for an equal nominal amount of new notes.
SMC’s 5.95% Perp was trading stable at 99.8, yielding 6.3% and its 7% Perp was at 99.6, yielding 7.4%.
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