IIFL Finance offers to buy up to $50 million of 5 7/8% notes due 2023

By Marisa Wong

Los Angeles, March 21 – India’s IIFL Finance Ltd. is inviting holders of its outstanding 5 7/8% notes due 2023 (ISIN: XS2113454115) to tender their notes for purchase for cash, up to an aggregate principal amount of $50 million, according to a company announcement.

As of the start of the offer on Monday, $373.7 million of the original $400 million principal amount remains outstanding.

The purchase price will be determined according to modified Dutch auction procedures. The minimum purchase price is $970 per $1,000 principal amount.

The issuer will also pay accrued interest on notes accepted for purchase.

Tendered notes may be subject to proration.

The offer expires at noon ET on March 28. Settlement is expected to be on March 30.

The tender offer is conditioned on financing. The issuer plans to use proceeds from bank facilities to purchase notes under the tender offer.

The purpose of the offer is to, among other things, optimize the issuer’s financing cost and maturity profile in accordance with ECB regulations, according to the announcement.

HSBC (+852 3941 0223, +44 20 7992 6237, liability.management@hsbcib.com) is the dealer manager for the tender offer.

Morrow Sodali Ltd. (+44 4513 6933, +852 2319 413, iifl@investor.morrowsodali.com, https://bonds.morrowsodali.com/IIFL) is the tender and information agent.

The financial services company is based in Mumbai.

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