Adani Ports and Special Economic Zone Ltd in India has received offers for its dollar bond repurchase totaling about $213 million, but it will only take the $195 million that was previously stated, the firm said in an exchange filing on Thursday.
The 3.375 per cent senior notes that mature in July 2024 were first repurchased by the company in late September. The company stated that it intends to continue repurchasing the existing notes for cash over the following three quarters, according to a Reuters report.
Based on information from LSEG, this bond has $520 million outstanding.
Since the business announced the repurchase tender, the yield on this note has decreased by almost 40 basis points, and it was last at 8.43 per cent.
"According to the information provided by D.F. King Ltd, the information and tender agent for the Tender Offer, an aggregate principal amount of US$212,972,000 of the Notes had been validly tendered and not validly withdrawn pursuant to the Tender Offer as at the Early Tender Date.
Since the principal amount of Notes validly tendered and not validly withdrawn on or prior to the early tender date exceeded the maximum acceptance amount of US$195,000,000 in aggregate principal amount of the outstanding notes, the company will accept such notes for purchase subject to the proration factor of 87.5619 per cent," the company said in an exchange filing on Thursday.
Adani Ports and SEZ Ltd is India's largest integrated ports and logistics company. The company has a network of 12 ports and terminals, including India's first deep water Transshipment Port Vizhinjam International Seaport Thiruvananthapuram (Trivandrum Seaport) and India's first port-based SEZ at Mundra.