Reported 1 day ago
Total Play Telecomunicaciones, owned by Mexican billionaire Ricardo Salinas Pliego, has initiated a $870 million debt swap, exchanging $600 million of unsecured bonds maturing in 2028 for secured notes. The plan requires an additional $270 million subscription for new 11.125% bonds due in 2032, which will be secured by the company’s cash flow and fiber optics network. Total Play’s credit ratings have recently improved due to past restructuring efforts and better liquidity.
Source: YAHOO