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Adani Ports and SEZ announced a tender offer its outstanding $520mn 3.375% 2024s on Wednesday. It plans to buy back up to $195mn of the outstanding notes, but mentioned that it is willing to adjust the acceptance amount. It will pay $975 for every $1,000 in principal for the notes tendered before the early deadline of October 11 post which the offer price drops to $965 per $1,000 in principal. The buyback will be funded using its cash reserves. It already purchased $130m of the initially issued $650mn 2024s in May for cash. Adani Ports added that it plans to continue buying back its notes in the upcoming quarters
The buyback is at a 1.5% premium to the 2024’s price early this morning that was trading at 96.1, yielding 8.39%.
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