Adani Ports Commences Tender Offer For Rs 4,500-Crore Bond Purchase
Adani Ports and Special Economic Zone Ltd. has commenced purchase of Rs 4,500 crore worth of bonds that are due next year, the Adani Group firm said on Tuesday.
"APSEZ...has commenced a tender offer to purchase for cash (the tender offer) any and all of its outstanding $650,000,000, 3.50 percent senior notes due 2020 (the notes)," the company said in a filing to the Bombay Stock Exchange.
The APSEZ tender offer for the bond purchase will expire on July 24, it said.
"The company has announced the tender offer as part of a refinancing transaction, pursuant to which the consideration will be derived from a concurrent offering...of new debt securities, on terms and conditions satisfactory to the company, together with cash on hand," APSEZ said.
The tender offer is conditional on the issuance of the new notes in a principal amount of at least $650 million on terms and conditions satisfactory to the company. The tender offer is also subject to the satisfaction or waiver of a number of other conditions, it said.