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Bond Market News

SMC Global Power to Buy Back $123.9mn of Perps

SMC Global Power has accepted to buy back $123.9mn of its dollar perpetual bonds under its tender offer that ended on November 4. It agreed to buy back:

  • $16.84mn of its 6.5% perps callable in 2024, which are currently trading at 68.4
  • $7.9mn of its 5.95% perps callable in 2025, currently at 66.1
  • $26mn of its 7% perps callable in 2025, currently at 67.7
  • $6.7mn of its 5.7% perps callable in 2026, currently at 64.5
  • $66.45mn of its 5.45% perps callable in 2026, currently at 63.3

At the time of launching the buyback offer, SMC said that it was “part of a proactive approach to the management of its capital structure,” adding that it will use available liquidity to fund the transaction.

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