Adani Electricity tender offer oversubscribed by early deadline

By Mary-Katherine Stinson

Lexington, Ky., Nov. 30 – Adani Electricity Mumbai Ltd. reported the early results of its tender offer for up to a maximum of $120 million aggregate principal amount of its $1 billion 3.949% senior secured notes due 2030 (ISINs: XS2109438205, US00654GAA13). The offer was oversubscribed by the early deadline, according to a notice.

As of 5 p.m. ET on Nov. 28, $762,494,000 of the notes had been validly tendered, representing about 76.25% of the total outstanding principal.

Adani will accept for purchase $119,999,000 total principal amount of the notes, subject to a scaling factor of 12.81617269%.

This will leave $880,001,000 aggregate principal amount of the notes outstanding.

As previously reported, 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 for notes tendered after the early deadline.

However, because the offer was oversubscribed, no tenders will be accepted after the early deadline.

The company will also pay accrued interest to but excluding the payment date.

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 was slated for Dec. 15, although that date is no longer relevant.

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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