India’s Adani Ports gets guaranteed delivery tenders for $1.6 million of notes

By Taylor Fox

New York, Feb. 8 – Adani Ports and Special Economic Zone Ltd. announced the settlement of its any-and-all tender offer to purchase the outstanding $500 million of 3.95% senior notes due 2022 (Cusips: Y00130HS9, 00652MAC6), according to a press release.

The company purchased and redeemed $1.6 million of the notes tendered under guaranteed delivery procedures on Feb. 5 and canceled the notes.

Adani also purchased and redeemed $319,574,000 of notes that were tendered on or before Feb. 2.

As previously reported, 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.

After cancelation of the validly tendered notes, $178,826,000 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.