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.
