India’s Adani Ports gets tenders for $319.57 million of 3.95% notes

Chicago, Feb. 2 – Adani Ports and Special Economic Zone Ltd. announced that the company has received tenders for $319,574,000 of its outstanding $500 million of 3.95% senior notes due 2022 (Cusips: Y00130HS9, 00652MAC6) at the conclusion of an any-and-all tender offer started Jan. 26, according to a press release.

The company had also received tenders for an additional $3,687,000 of notes via guaranteed delivery procedures.

The offer expired at 5 p.m. ET on Feb. 2.

All of the tendered notes have been accepted for purchase.

The company will pay $1,032.30 per $1,000 note, plus interest.

Settlement is expected for Feb. 3 and guaranteed delivery procedure settlement is expected for Feb. 5.

After cancellation of the validly tendered notes, $180,426,000 of the notes will remain outstanding.

The offer was subject to a financing condition, which the company has met. The company announced that it priced the $500 million of notes the offer was conditioned upon with a 3.1% coupon and a 2031 maturity.

Barclays (+852 2903 3266, njasyndicate@barclays.com), Citigroup Global Markets Ltd. (+852 2501 2552, +44 20 7986 8969, 212 723-6106, liabilitymanagement.asia@citi.com), J.P. Morgan Securities plc (+44 20 3493 0682, liability_management_asia@jpmorgan.com) and Standard Chartered Bank (+44 20 7885 8888, liability_management@sc.com) are the dealer managers.

Morrow Sodali Ltd. is the information and tender agent (203 609-4910, +44 20 8089 3287, +852 2319 4130, adaniports@investor.morrowsodali.com).

Adani is based in Mundra, India.

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