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Adani Electricity tenders for up to $120 million 3.949% notes due 2030
By Marisa Wong
Los Angeles, Nov. 13 – Adani Electricity Mumbai Ltd. is inviting holders of its outstanding $1 billion 3.949% senior secured notes due 2030 (ISINs: XS2109438205, US00654GAA13) to tender their notes for purchase for cash, up to a maximum of $120 million aggregate principal amount, according to a notice.
The company is offering an early tender offer consideration of $850 per $1,000 principal amount of notes tendered by the early tender deadline and a tender offer consideration of $800 per $1,000 principal amount of notes tendered after the early deadline.
The company will also pay accrued interest to but excluding the applicable payment date.
The company said it reserves the right to adjust the maximum purchase amount or purchase notes in excess of or below the offer cap.
If the offer is oversubscribed, the company will accept early tendered notes before it accepts notes tendered after the early deadline.
Tenders may be subject to proration.
The early tender deadline is at 5 p.m. ET on Nov. 28.
The early payment date is expected to be on Nov. 30.
The offer will expire at 5 p.m. ET on Dec. 13.
Final settlement is slated for Dec. 15.
The dealer managers for the tender offer are Barclays (liability.management@barclays.com / NJASyndicate@barclays.com; +44 20 3134 8515, 800 438-3242, 212 528-7581, +852 2903 3266), DBS Bank Ltd. (dbstmg@dbs.com; +65 6878 9821), Deutsche Bank AG, Singapore Branch (asiasyn@list.db.com; +852 2203 8652), Emirates NBD Bank PJSC (dcmsf@emiratesnbd.com), First Abu Dhabi Bank PJSC (LiabilityManagement@bankfab.com), Mizuho Securities (Singapore) Pte. Ltd. (Liability.Management@hk.mizuho-sc.com; +65 6603 5688; fax +65 6225 6431), MUFG Securities Asia Ltd. Singapore Branch (leg.CMAsia@hk.sc.mufg.jp), SMBC Nikko Securities (Hong Kong) Ltd. (DCM.SSEA@smbcnikko-hk.com; +852 2842 1111) and Standard Chartered Bank (liability_management@sc.com; +852 39838749, +65 6557 8252, +44 20 7885 5739, 212 667-0351).
The information and tender agent is D.F. King & Co., Inc. (https://sites.dfkingltd.com/AEML; AEML@dfkingltd.com.)
The power company is based in Mumbai.
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