Bharti Airtel’s subsidiary Bharti Airtel International (Netherlands) B.V enhanced the tender offer size for its 5.35% bonds due 2024 from $300mn to $450mn on strong demand. About 48.87% of the principal amount, or $488.7mn of the bonds had been tendered at or before the early tender deadline of July 5. Bharti had announced the tender offer in late June. The early settlement date is July 7 while the tender expiration deadline is July 19. However, since the bonds tendered have exceeded the new maximum acceptance size, Bharti said it will not accept any more notes tendered after July 5. The company aims to optimize its balance sheet and reduce debt with this transaction. As of March 2022, Bharti’s net debt excluding lease obligations stood at $15.6bn.
Bharti Airtel’s dollar bonds were trading slightly lower with its 5.35% 2024s down over 0.04 points to 102.23 yielding 4.09%.
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