Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Telecom operator Bharti Airtel’s company Bharti Airtel International (Netherlands) B.V. announced a cash tender offer for up to $300mn of its outstanding $1bn 5.35% dollar bonds due 2024. For holders who tender the bond before the early tender deadline of July 5, 2022, Bharti will pay a 2.1% premium at $1,021 per $1,000 in principal. This is also above the bond’s current market price of 101.63. For tenders beyond that date, Bharti will pay buyback the bonds at a 0.9% discount of $991 per $1,000 in principal. The tender offer expires on July 19. In May, Bharti Airtel was upgraded to IG-status of Baa3 from Ba1 by Moody’s with a stable outlook.

Bharti Airtel’s dollar bonds were trading slightly higher with its 5.35% 2024s up over 0.17 points to 101.63 yielding 4.45%.

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