| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Bond Market News

SoftBank Launches $1.75bn Tender Offer on 17 USD/EUR Bonds

September 30, 2022

SoftBank launched a tender offer to buyback up to $1.75bn of its USD and EUR-denominated bonds under an unmodified Dutch auction – accepting the lowest bids greater or equal to the minimum purchase price. The tender ends on October 7 with settlement on October 12. The tender offer is on 16 senior notes, and one of its subordinated perps, its $2.75bn 6% Perp, where the company will buyback a maximum of $750mn worth of the perps at a minimum price of 93.5. The perps are currently trading at 92.99, yielding 15.72% to the next call date 19 July 2023. Analysts expect SoftBank to fund the buyback via internal resources and additional proceeds from its ongoing asset monetisation programs. SoftBank’s cash reserves are at around JPY 3.8tn ($26bn). CreditSights notes that the tender will help investors cut exposure to the conglomerate that is “facing substantial headwinds”.

Related Posts:
Registered office: 8 Marina View, #43-062 Asia Square Tower 1, Singapore 018960
© Copyright BondbloX 2024, All Rights Reserved.