CenturyLink 債劵回收

日前收到 Interactive Brokers（簡稱 IB）通知，CenturyLink（CTL）有意提前贖回魔術師持有的其中一隻債劵 Qwest Capital Funding Inc. Corporate Bond 7.75 Feb15'31（ISIN: US74913EAJ91），贖回價為每手帝幣９００元另加早鳥價帝幣３０元與及 accrued interest：

IB 全文如下：

CenturyLink, Inc. has offered to purchase, for cash, up to an aggregate purchase price of 525 Million USD of its outstanding notes, including the 7.750% Notes due 2031 issued by Qwest Capital Funding, Inc.
Terms of the offer are as follows (subject to proration):
Option 1 - Take no action
Option 2 - Tender notes for cash: 900.00 USD + 30.00 USD Early Tender Premium + Accrued Interest per 1,000 Principal Amount tendered and accepted.
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.
In addition to the tender offer, the company is soliciting consents from holders to certain proposed amendments to the indenture under which the notes were issued. Holders may not deliver consents without tendering their notes to the offer and may not tender without delivering consent.
Minimum Tender Requirement: 1,000 principal amount and in multiples of 1,000 thereafter, holders who do not tender all of their notes must continue to hold the minimum authorized denomination of 1,000
Proration: Notes tendered will be accepted according to levels of priority. The priority level for this issue is 1 out of 6.
If the principal amount of notes that are unaccepted and returned to a holder as a result of proration would result in less than the minimum authorized denomination, all of such validly tendered notes will either be accepted or rejected.
Guaranteed Delivery: No
Last day to purchase and be eligible to tender: 2019-05-24
The Early Tender Deadline to tender notes to the offer will be 2019-05-29 @ 13:00 (America/New York).
The Final Deadline to tender notes to the offer will be 2019-06-12 @ 13:00 (America/New_York)
In the absence of an election, no action will be taken.

奇就奇就，IB 個訊息無講到接受 tender offer 的話，可以幾時收到錢。唯有問問谷糠大神，得出以下公告：

（圖片來源：CenturyLink Announces Cash Tender Offers, May 15 2019）

CTL 今次贖回的預算為帝幣＄５２５million，截止日期係２０１９年６月１２日，早鳥優惠限期為２０１９年５月２９日。假如「超額認售」（投資者紛紛將債劵售回給 CTL），贖回順序就係上圖所示。魔術師的 ２０３１ Notes, Acceptance Priority 是排第一的：

（圖片來源：CenturyLink Announces Cash Tender Offers, May 15 2019）

早鳥期接受者係最優先嘅，亦即係話只要在早鳥期中接受 offer，即使係 priority 6 都會較在早鳥期後接受 的 priority 1 優先：

（圖片來源：CenturyLink Announces Cash Tender Offers, May 15 2019）

而收錢日期就是２０１９年５月３１日（早鳥）與及６月１４日（一般）：

（圖片來源：CenturyLink Announces Cash Tender Offers, May 15 2019）

睇返 CTL，原來最近有減過派股息，係自２０１３年起的第二次減派息：

（圖片來源：Dividend.com > CTL, retrieved on 24 May 2019）

雖然話有可能係減派息，留返啲錢贖回高息債劵，為公司節省利息支出；但結終企業債務違約前先會停止派息，故此減派息都可以視之為警號。君子不立危牆下，況且以２０１９年５月２４日的收市價來說，市價比贖回價加早鳥優惠更低，如情況持續，魔術師應該會接受贖回要約，套回現金另投較短期之債劵吧：