Bonds of Salinas’ Total Play Surge on $870 Million Debt Swap (3)

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.

The offer, which is backed by holders of more than 50% of the existing 6.375% notes, is conditioned on the subscription of an additional $270 million in cash for the new 11.125% bonds due ...