Adani Ports and Special Economic Zone Ltd informed exchanges on Wednesday that it will buy back up to $195 million of its notes due in 2024 at a price below their original issue.
According to a filing with the exchange, the company has started a tender offer to buy the outstanding 3.375% senior notes due 2024 for up to $195 million in cash.
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Further, the company stated that the purpose of the tender offer is to partially prepay the company’s impending debt maturities in its exchange filing. The Company anticipates that the $325 million notes will continue to be outstanding following the conclusion of this tender offer.
“The company intends to fund the notes accepted for purchase in the tender offer from its cash reserves,”said Adani Ports in its filing.
Also Read: LIC loses more than ₹1,400 crore in six Adani stocks in just a day; details here
The company announced in May 2023 that it will buy roughly 20% of the issued notes’ principal amount for cash over the following four quarters, for a total purchase price of $130 million in cash. 30% of the issued notes’ principal amount, or up to $195 million in aggregate principal, is what the company is buying in this second tranche for cash.
Unless otherwise specified in the tender offer memorandum, the tender offer will end on October 26, 2023, at 5:00 p.m., New York time.
Also Read: Seven Adani stocks gain 2%-10%, Adani Enterprises, Adani Port among top gainers on Nifty
“The company reiterates its intention that, subject to market conditions and its liquidity position, it will continue purchasing for cash the Outstanding Notes over the next three quarters in line with its announcement in May 2023. The Company may choose to either accelerate or defer this plan subject to market conditions, and further subject to the terms, including the pricing, to be separately announced for each of such tranches,” said the exchange filing.
Also Read: Adani Ports bond repurchase offer oversubscribed with bids worth $413 million
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