IB有隻bond "SUMMPL 5 1/2 08/15/22" 收到 Select Corporate Actions, 見下文
又係出offer提早贖回返隻bond (因可以省利息)
個tender offer detail在下面
重點是:
"Minimum Bid: 675.00 USD aggregate principal amount
Maximum Bid: 725.00 USD aggregate principal amount"
Maximum Bid: 725.00 USD aggregate principal amount"
"...includes an early tender premium of 25.00 USD per 1,000 USD principal amount of Notes accepted for purchase"
即係最多用$75贖回 (72.5 +2.5)
這公司做運輸油和天然氣等的infrastructure
現價$65.5 (YTM 18%), 我買入價$88.9 (當時YTM估計10%)
還有兩年就到期, 贖回$75又不算高
如果用Option 3 自己出個高bid price 覺得冇機會得
由三月谷底價其實已回升了很多
總結: 最高贖回價和現價相差少(約$10)不太吸引, 寧願博多兩年佢唔執, 繼續收息, Take no action
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Summit Midstream Holdings, LLC has offered to purchase up to 60,000,000 USD aggregate principal amount of its outstanding notes, including the 5.50% Senior Notes due 2022 through a Dutch Auction tender offer.
The terms of the offer are as follows (subject to proration):
Minimum Bid: 675.00 USD aggregate principal amount
Maximum Bid: 725.00 USD aggregate principal amount
Accepted Bid Increments: 2.50 USD aggregate principal amount
The below options are available to a shareholder:
Option 1 - Take no action
Option 2 - Tender notes at No Specified Price (NSP)
Option 3 - Tender notes at bid price
Holders wishing to tender their notes at a minimum bid price should make an election under the No Specified Price option, as such an election will be deemed to have been tendered at the minimum bid price.
In order to submit notes at a bid price, shareholders should click on the Change link on the applicable choice line below. This will navigate the user to a new box where both the note quantity and applicable bid price should be entered.
Early Tender Premium: Holders who tender early are eligible to receive the applicable Total Consideration, which includes an early tender premium of 25.00 USD per 1,000 USD principal amount of Notes accepted for purchase. The Bid Price specified by the Holder will include the Early Tender Premium, which the Holder will be entitled to receive only for the Notes validly tendered and accepted for purchase. Please note the Early Tender Premium will only be payable to holders who validly tender their notes prior to the Early Tender Deadline, unless extended.
All holders of Notes accepted for purchase will receive Accrued Interest per 1,000 principal amount tendered and accepted.
Minimum Tender Requirement: 2,000 principal amount and in multiples of 1,000 thereafter, holders who tender less than all of their notes must continue to hold the minimum authorized denomination of 2,000.
Proration: Notes tendered will be accepted according to levels of priority. The priority level for this issue is 2 out of 2.
Guaranteed Delivery: No
The terms of the offer are as follows (subject to proration):
Minimum Bid: 675.00 USD aggregate principal amount
Maximum Bid: 725.00 USD aggregate principal amount
Accepted Bid Increments: 2.50 USD aggregate principal amount
The below options are available to a shareholder:
Option 1 - Take no action
Option 2 - Tender notes at No Specified Price (NSP)
Option 3 - Tender notes at bid price
Holders wishing to tender their notes at a minimum bid price should make an election under the No Specified Price option, as such an election will be deemed to have been tendered at the minimum bid price.
In order to submit notes at a bid price, shareholders should click on the Change link on the applicable choice line below. This will navigate the user to a new box where both the note quantity and applicable bid price should be entered.
Early Tender Premium: Holders who tender early are eligible to receive the applicable Total Consideration, which includes an early tender premium of 25.00 USD per 1,000 USD principal amount of Notes accepted for purchase. The Bid Price specified by the Holder will include the Early Tender Premium, which the Holder will be entitled to receive only for the Notes validly tendered and accepted for purchase. Please note the Early Tender Premium will only be payable to holders who validly tender their notes prior to the Early Tender Deadline, unless extended.
All holders of Notes accepted for purchase will receive Accrued Interest per 1,000 principal amount tendered and accepted.
Minimum Tender Requirement: 2,000 principal amount and in multiples of 1,000 thereafter, holders who tender less than all of their notes must continue to hold the minimum authorized denomination of 2,000.
Proration: Notes tendered will be accepted according to levels of priority. The priority level for this issue is 2 out of 2.
Guaranteed Delivery: No
