India’s UPL announces tender results for 3¼% notes due 2021

Chicago, June 22 – UPL Corp. Ltd. announced the results of its tender for its $500 million outstanding 3¼% notes due 2021 (ISINs: US90320NAA19, USV96177AA46), according to a press release.

As of the tender expiration time of 5 p.m. ET on June 19, noteholders representing $81,839,000 principal amount, or 16.37%, validly tendered their notes.

No additional instructions were given according to guaranteed delivery procedures.

All of the tendered notes will be accepted for purchase.

The tender offer was subject to a financing condition, which has been satisfied.

The purchase price is $1,000 per $1,000 face amount of notes.

With interest, the company will pay $82,363,565.20 for the tendered notes.

Settlement is expected for June 24.

After settlement $418,161,000 principal amount of the notes will remain outstanding.

The dealer managers are J.P. Morgan Securities plc (Hong Kong: +852 2800 8220, London: +44 20 7742 5940, U.S. 212 834-4533, liability_mangement_asia@jpmorgan.com), Merrill Lynch (Singapore) Ptd. Ltd. (+44 20 7996 5420, DG.LM-EMEA@bofa.com) and MUFG Securities EMEA plc (London: +44 20 7577 4145, Singapore: +65 6232 7631, liability.management@mufgsecurities.com).

D.F. King Ltd. is the information and tender agent (London: +44 20 7920 9700, Hong Kong: +852 3953 7208, New York: 212 269-5550, 800 515-4479, upl@drkingltd.com, https://sites.dfkingltd.com/upl).

Formerly United Phosphorus Ltd., UPL is a chemical manufacturer based in Mumbai.

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