Muthoot Finance starts tender offer for $550 million 4.4% secured notes

By Mary-Katherine Stinson

Lexington, Ky., March 28 – India’s Muthoot Finance Ltd. launched a tender offer to purchase for cash up to $225 million of its $550 million 4.4% senior secured notes due 2023 (ISINs: US62828M2B67, US62828L2B85), according to a notice.

The company is offering to pay $1,000 for each $1,000 of notes tendered prior to the early tender deadline of 5 p.m. ET on April 10.

Those who tender their notes after that time but prior to the expiration of the offer, 5 p.m. ET on April 25, will be eligible to receive $980 per $1,000 of notes.

Accrued interest will also be paid.

Tender instructions are irrevocable except in limited circumstances.

If the tender cap is exceeded, tenders may be prorated.

Early payment will be within five business days of the early tender deadline, on or before April 17, with final settlement within two business days of the expiration, expected on or before April 27.

D.F. King Ltd. is acting as the information and tender agent for the offer. Deutsche Bank AG, Singapore Branch is acting as the dealer manager.

Ernakulam, India-based Muthoot is a non-banking finance company.

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