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Adani Ports starts purchase of bonds worth Rs 4,460 cr

The tender offer is conditional on the issuance of new notes in a principal amount of at least $650 million on terms and conditions satisfactory to the company, APSEZ said
New Delhi: Adani Ports and Special Economic Zone (APSEZ) said on Tuesday that it has started the purchase of bonds worth Rs 4,460 crore ($650 million) due next year. “APSEZ… announced that it has commenced a tender offer to purchase for cash (the tender offer) any and all of its outstanding USD 650,000,000 3.50 per cent senior notes due 2020 (the notes),” the company said in a regulatory filing. The offer will expire on July 24, APSEZ added.

‘Tender offer part of a refinancing transaction’

“The company has announced the tender offer as part of a refinancing transaction pursuant to which the consideration will be derived from a concurrent offering... of new debt securities, on terms and conditions satisfactory to the company, together with cash on hand,” the company said.

‘Offer is conditional’

The tender offer is conditional on the issuance of new notes in a principal amount of at least $650 million on terms and conditions satisfactory to the company, the BSE filing said. The tender offer is also subject to the satisfaction or waiver of a number of other conditions, it added.