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Bond Market News
Volcan Holders Tender 81% of 2026s
August 26, 2024
Volcan’s dollar bondholders have tendered 81% of their 4.375% 2026s, amounting to $294.7mn. The existing 2026s will be exchanged for new 2030s. In order to encourage more tenders, the company is amending the offer to update the final expiration date to September 6. The first expiration date was August 22. If more than 90% of the notes are tendered, then Volcan has to accept and exchange the notes.
Volcan’s 4.375% 2026s were trading stable at 85.9, yielding 15.6%.
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