Portuguese independent news channel SIC to issue up to €30 million in bonds

The Portuguese TV and news channel SIC is to raise €30 million from a four-year bonds issue offering investors a dividend of 5.95%.

The bonds issue linked to sustainability, SIC 2024-2028, is also tied in with an exchange operation allowing bond holders from a previous issue SIC 2021-2025 to replace them with the new bonds. The bond offer will run between 17-28 June.

The public subscription offer will involve the issue of up to one million bonds with a nominal unitary value of €30 and an initial nominal global value of €30 according to the Portuguese securities market regulator CMVM.

The minimum investment in the bonds is 50 SIC 2024-2028 meaning an investment of €1.500.

The exchange operation is aimed at investors that hold bonds issued on 11 June, 2021 with a maturity of 11 June, 2025, at a fixed payout of 3.95%.

Investors who want to exchange their bonds for the new ones will receive one new bond for each of the existing ones “being also paid on the date of issue, i.e., on July 3, 2024, in relation to the exchanged SIC 2021-2025 Bonds, the interest accrued from June 11, 2024, inclusive, until the Date of Issue, exclusive, to the amount of €0,07242 for each SIC 2021-2025 Bond, all these payments being subject to taxes, commissions and other charges.”

SIC has joined a number of companies that have gone to the capital markets to raise financing with investors since the start of the year including the private healthcare provider CUF. (€60 million)