GMR Hyderabad launched a tender offer for its $300mn 5.375% 2024s and $300mn 4.75% 2026s. It said that it will accept up to $140mn of its outstanding 2024s and 2026s combined. It is offering to buy the 2024s at par and the 2026s at $930 per $1,000 in principal. The tender offer will expire on December 9 and settlement will take place between December 14-16. The tender offer will be used to optimize its financing cost, debt maturity profile, and provide liquidity to eligible bondholders at a premium to the market price.
Its 2024s are trading at 99, yielding 6.15% while its 2026s are trading at 93.84, yielding 6.95%.