India’s Bharti Airtel tenders for $1.5 billion 5 1/8% notes due 2023

By Wendy Van Sickle

Columbus, Ohio, Nov. 9 – Bharti Airtel International (Netherlands) BV is tendering for any and all of its $1.5 billion of 5 1/8% senior notes due 2023 guaranteed by Bharti Airtel Ltd.

The purchase price will be $985 for each $1,000 of notes.

The offer deadline is 5 p.m. ET on Nov. 21.

“The purpose of the tender offer is for the company to proactively manage its capital structure, reduce gross debt and leverage by acquiring the notes funded out of equity proceeds and also provide liquidity to noteholders at a premium to the market,” according to a press release, which added that the Bharti Airtel group “continues to execute on its intent to deleverage and pursue its strategies towards that end.”

The company said it has been actively exploring various equity-driven initiatives, including some regarding its Africa business, in order to “proactively manage its balance sheet and capital structure to align them to the group’s core conservative philosophy.”

Bharti Airtel International parent Airtel Africa Ltd. recently made a $1.25 billion primary equity issuance and will use proceeds to reduce its about $5 billion of existing debt, the release states.

The company also recently conducted a tender offer for its €1 billion of 4% notes.

D.F. King Ltd. (212 269-5550, +44 20 7920-9700, +852 3953-7231 or debtteam@dfkingltd.com) is the information and tender agent.

Bharti Airtel is a mobile telecommunications company based in New Delhi.

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