Commodity giant Trafigura announced a tender offer to purchase $800mn in principal of its resettable step-up subordinated 6.875% perps in cash. It plans to issue new USD denominated perpetual resettable step-up securities, some proceeds of which may be used to finance the tender offer and the remaining for other corporate purposes. Details of maximum acceptance amount are yet to be announced. The tender offer is made “as part of the offeror’s optimisation of its balance sheet and capital structure”, they said. The tender price will be 101.162% of the aggregate principal and it will also pay accrued and unpaid interest on the securities up to but excluding the settlement date on September 24.

Trafigura’s $800mn 6.875% Perp was flat at 101.26, yielding 2.13%

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