Adani Ports and SEZ received a positive response for its tender offer to buyback a capped $130mn of its $650m 3.375% bonds due July 2024. Investors holding $412.724mn of the notes tendered them before the early deadline of May 8. As part of the tender offer, bondholders will receive $970 per $1,000 in principal for the notes. Adani Ports said it will accept the notes for purchase subject to a proration factor of 34.649% and thus will not accept additional notes. Adani Ports also mentioned that the $130mn cap amount will not be increased. “The purpose of the tender offer is to partly prepay the company’s near-term debt maturities and to convey the comfortable liquidity position of the company”, Adani Ports said. The company is planning buybacks of about $130mn in each of the next four quarters.
Its 3.375% 2024s are trading at 96.3 cents on the dollar, yielding 6.62%.
