India’s Century gets tenders for $31.63 million 10¼% guaranteed notes

By Susanna Moon

Chicago, Feb. 24 – Century Ltd. said it accepted for purchase $31.63 million of its $175 million 10¼% senior notes due Nov. 12, 2019 guaranteed by Indiabulls Real Estate Ltd., the parent company.

The purchase price will be $960 for each $1,000 principal amount, according to a company notice.

The issuer also will pay accrued interest up to but excluding the settlement date of March 1.

Century said on Feb. 12 that it was tendering for up to $50 million maximum of the notes, with pricing to be set using a modified Dutch auction. The minimum purchase price was $930, and the maximum purchase price was $960.

The tender offer ended at 11 a.m. ET on Feb. 23.

The minimum tender amount was $200,000 principal amount of notes.

Noteholders could submit one or more competitive offers, provided that the aggregate principal amount of the notes did not exceed the amount of notes that the holder has.

Competitive offers needed to specify

• The price per $1,000 principal amount that the holder would be willing to accept as the purchase price for the tender instruction, in increments of $1.00 above the minimum purchase price with any other amount rounded down to the nearest $1.00 increment above the minimum purchase price; and

• The principal amount of notes, in increments of $1,000, subject to the minimum denomination that the holder is tendering at that offer price.

For non-competitive offers, noteholders needed to specify the principal amount of notes in integral multiples of $1,000, subject to the minimum denomination.

The company previously said it would treat tender instructions that specified an offer price equal to or below the minimum purchase price as non-competitive offers and that it would reject tender instructions that specified an offer price of more than the maximum purchase price.

The issuer previously said it would accept in order all non-competitive offers first, then all competitive offers with prices lower than the purchase price and finally all competitive offers that are equal to the purchase price, each subject to possible proration.

The offer was intended “to manage and better optimize” the issuer’s and the parent guarantor’s debt maturity and repayment schedule and also give noteholders an opportunity to gain liquidity, the company previously said.

Deutsche Bank AG, Singapore Branch (+65 6423 5934, +44 (0) 207 545 8011 or liability.management@db.com) is the dealer manager. Lucid Issuer Services Ltd. (+ 44 20 7704 0880, David Shilson, indiabulls@lucid-is.com) is the tender agent.

As of Feb. 12, $70.25 million of notes were beneficially owned by the issuer and would not be tendered under the offer.

Indiabulls Housing Finance is a Mumbai-based housing finance company that provides home loans, loans against properties and commercial vehicle loans primarily to salaried and self-employed sectors in India.

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