Adani Ports launches cash tender offer for up to $130 million of 3 3/8% notes

By Marisa Wong

Los Angeles, April 24 – Adani Ports and Special Economic Zone Ltd. has begun a cash tender offer for up to $130 million of its $650 million outstanding 3 3/8% senior notes due 2024 (Cusip: Y00130RW9, 00652MAF9).

The company is offering per $1,000 principal amount a total consideration of $970, which includes an early tender premium of $15 payable to holders who tender their notes by the early tender date; or a tender offer consideration of $955 payable to holders who tender their notes after the early deadline.

In addition, the company will pay accrued interest.

The early tender deadline is 5 p.m. ET on May 8, which is also the withdrawal deadline.

Early settlement will occur on May 10.

The tender offer will expire at 5 p.m. ET on May 22.

Final settlement is expected to be on May 24.

Barclays Bank plc (liability.management@barclays.com or NJASyndicate@barclays.com; +44 20 3134 8515, 800 438-3242, 212 528-7581), DBS Bank Ltd. (dbstmg@dbs.com; +65 6878 9821), Emirates NBD Bank PJSC (dcmsf@emiratesnbd.com; +971 4 3032 800), First Abu Dhabi Bank PJSC (LiabilityManagement@bankfab.com; +971 4 565 9956), MUFG Securities Asia Ltd. Singapore Branch (liability.management@mufgsecurities.com; +65 6232 7631, +33 1 70 91 42 79), SMBC Nikko Securities (Hong Kong) Ltd. (DCM.SSEA@smbcnikko-hk.com; +852 3716 7000) and Standard Chartered Bank (liability_management@sc.com; +44 20 7885 8888) are dealer managers for the tender offer.

The information and tender agent is Morrow Sodali (https://projects.morrowsodali.com/adaniports; 203 609-4910, +44 20 4513 6933, +852 2319 4130; adaniports@investor.morrowsodali.com).

The company said the purpose of the tender offer is to partly prepay its near-term debt maturities and to convey its comfortable liquidity position.

After the tender offer, the company intends to offer to purchase for cash about $130 million of the outstanding notes in each of the next four quarters. The company may choose to either accelerate or defer this plan subject its own liquidity position and market conditions.

The company intends to fund the tender offer with its cash reserves.

The port operator and logistics company is based in Ahmedabad, India.

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