Adani Ports to buy $130 million of notes due 2024

Adani Ports and Special Economic Zone has made an offer to purchase up to $130 million of outstanding 3.375% notes maturing in 2024 as part of the company’s plans to prepay a portion of its short-term debt .

The purchase program will be funded from its cash reserves, it said.

Upon the completion of this tender offer, the Company expects to have $520 million of Notes outstanding. Subsequent to the Offering, the Company intends to offer to purchase approximately $130 million of the outstanding Notes in each of the next four quarters.

The company may either accelerate or postpone this plan subject to its own cash position and market conditions, as well as subject to conditions, including pricing, it said.

Adani Ports has repayment obligations of ₹2,239 crore in FY24, over ₹14,500 crore in 25-28, 6,204 crore in FY30 and then again over 8,000 crore in 31-35.

The Company announced that the tender offer to purchase the Notes expires at 5:00 p.m. New York time on May 22, 2023. Consideration for each $1,000 principal amount of Notes purchased is $970 with respect to Notes tendered by 5:00 p.m. on May 8, 2023, or $955 per $1,000 principal amount for Notes offered after the early tender date but on or submitted before the expiration date.

Related Articles

Back to top button

Subscribe To Our Newsletter

Don't miss new updates on your email