Adani Ports to buy back $195 million of bonds
Adani Ports and Special Economic Zone Ltd. has launched a second tender offer for its 2024 notes, with plans to repurchase up to $195 million.
The company is looking to finance repurchase of this outstanding 3.375% senior notes due 2024 using its existing cash reserves. After the repurchase, $325 million of the notes will be outstanding.
The offer begins with a purchase price of $975 for every $1,000 in principal for debt submitted by October 11, with the price decreasing to $965 per $1,000 thereafter.The tender offer is set to conclude on October 26.
In May 2023, the company had purchased $130 million in aggregate principal amount of the notes and had indicated that it would purchase for cash approximately 20% of the principal amount of the notes issued, in each of the next four quarters.
With this tender offer, the company will partially prepay the company's upcoming debt maturities to regain investor trust which has been on decline. Since February the group has been facing bond and stock sell-off triggered by allegations of corporate misconduct in a Hindenburg Research report.
