India’s largest port operator Adani Port and SEZ has launched a new dollar denominated 10Y bond this morning alongside a tender offer. Adani Ports has set an initial price guidance of 3.5% area on the new 144a/Reg S bonds that are expected to be rated Baa3/BBB-/BBB- in line with the issuer rating. Barclays, Bank of America, Citigroup, JP Morgan, MUFG and Standard Chartered are joint bookrunners for the new bond. Proceeds from the new bond issue, expected to be $500mn, will be used to fund a buyback of its $500mn 3.95% bonds due 2022. The Gautam Adani-led company is offering $1,032.3 per $1,000 in principal plus accrued and unpaid interest for the older 2022s, a premium of 0.6 points on its current price of 102.4 on the secondary markets. The tender offer ends on February 2.
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