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Published on 10/17/2022 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Shriram Transport starts capped tender offer for 5.1% notes due 2023

Chicago, Oct. 17 – India’s Shriram Transport Finance Co. Ltd. launched a capped tender offer for its $500 million outstanding 5.1% senior secured notes due 2023 (Cusips: Y7758EEF4, 825547AC6), according to an announcement.

The company set a maximum acceptance amount of $250 million.

The early tender consideration is $985 per $1,000 note, inclusive of a $30 early tender payment that will not be made to holders who tender after the early deadline.

Interest will also be paid to the applicable settlement date.

Tenders may be prorated.

There is a tender condition that the mark to market value of certain hedge transactions that the company intends to unwind in connection with the tender offer and the cancellation of notes purchased at the purchase price must not be negative.

The early tender deadline is 5 p.m. ET on Oct. 28.

Early settlement is planned for Nov. 3.

The offer will expire at 11:59 p.m. ET on Nov. 14. Final settlement is expected for Nov. 17.

The dealer managers are Citigroup Global Markets Inc. (+852 2501 2692, liabilitymanagement.asia@citi.com), DBS Bank Ltd. (+65 6878 9821, liabilitymanagement@dbs.com), HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, 212 525-5552, liability.management@hsbcib.com), J.P. Morgan Securities plc (liability_management_asia@jprmogan.com) and Standard Chartered Bank (+44 20 7885 5739, +852 3982 8658, +65 6557 8286, liability_management@sc.com).

Morrow Sodali Ltd. is the information and tender agent (+852 2319 4130, +44 20 4513 6933, 203 609-4910, stfc@investor.morrowsodali.com).

The Mumbai-based company provides financing for commercial vehicles.


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