Bonds of Salinas’ Total Play Surge on $870 Million Debt Swap
- Deal to exchange $600 million of unsecured bonds due in 2028
- New bonds are secured by cash flow, fiber optic network
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Bonds of Mexican billionaire Ricardo Salinas Pliego’s cable and internet provider Total Play Telecomunicaciones jumped on Wednesday after the company launched an offer to swap $600 million of unsecured bonds for secured notes backed by the company’s fiber optic network.
The notes due in 2028, which had been the best performing emerging-market credit in 2024, rose 11 cents to 88.50 cents on the dollar.