Mexican Billionaire Salinas’ Telecom Bonds Soar on Exchange Deal
- Total Play’s 2025 bond jump 17 cents on the dollar Tuesday
- Company is offering to swap the notes for new debt due in 2028
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Bonds from Mexican billionaire Ricardo Salinas’ telecom Total Play Telecomunicaciones soared to the highest in a year, days after the internet and cable provider launched a debt exchange offer that investors said was a crucial step toward rebuilding its reputation with the market
Total Play’s bonds due in 2025 jumped 17 cents to trade at 77 cents on the dollar Tuesday, according to Trace data, as bondholders warmed to a company’s offer to swap the outstanding notes for new ones due in 2028. The offer is open to holders of about $362 million of the debt. The remainder was already exchanged in a private deal, the company said last month.