SJM Holdings’ $500 million bond buyback ramps up as ratings agencies stay wary
Hong Kong, Jan 6, 2026, 15:04 (HKT) SJM Holdings said it has started a cash tender offer to buy back all outstanding $500 million 4.5% senior notes due on Jan. 27, as it moves to refinance the maturity with a new U.S.-dollar bond issue. The calendar is tight. The tender offer closes on Jan. 12, while the company is already courting fixed-income investors for fresh money, a combination that underlines how closely Macau operators’ balance sheets are being watched. The refinancing push lands as rating agencies keep a negative view on SJM’s deleveraging — reducing debt relative to earnings —