India’s Muthoot accepts no more tenders of 4.4% notes due 2023

By Marisa Wong

Los Angeles, April 26 – Muthoot Finance Ltd. announced the final results of its March 28 tender offer to purchase for cash up to $225 million of its $550 million 4.4% senior secured notes due 2023 (ISIN: US62828M2B67, US62828L2B85).

The company will not be accepting for purchase the notes that were tendered by the expiration of the offer at 5 p.m. ET on April 25 but after the early tender deadline at 5 p.m. ET on April 10, according to a notice on Wednesday.

As previously reported, $225 million of the notes, representing the maximum purchase amount, had already been accepted for early payment on April 13.

The company had applied a scaling factor of 69.58% to the early tendered notes and accepted for purchase $225 million aggregate principal amount of early tendered notes, representing about 40.91% of the total outstanding principal.

The company paid a total of $226,127,500 comprised of the early tender consideration and accrued interest and additional amounts.

After cancellation of the accepted early tendered notes, $325 million principal amount remains outstanding.

D.F. King Ltd. (+44 20 7920 9700, 866 207-2356, 212 269-5550, muthoot@dfkingltd.com; https://sites.dfkingltd.com/Muthoot) is the information and tender agent for the offer. Deutsche Bank AG, Singapore Branch (+852 2203 8652; attn.: Ed Tsui; asiasyn@list.db.com) is the dealer manager.

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

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