Muthoot gives early results of tender offer for 4.4% notes due 2023

By Marisa Wong

Los Angeles, April 11 – India’s Muthoot Finance Ltd. announced the early 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).

As of the early tender deadline at 5 p.m. ET on April 10, holders had tendered an aggregate principal amount of notes that exceeded the maximum purchase amount, according to a notice on Tuesday.

The company will apply a scaling factor of 69.58% to the early tendered notes and accept for purchase $225 million aggregate principal amount of early tendered notes. Settlement of the early tendered notes will be on April 13.

The company will pay $1,000 for each $1,000 of notes tendered prior to the early tender deadline.

Those who tender their notes after the early deadline will be eligible to receive $980 per $1,000 of notes.

Accrued interest will also be paid.

Tender instructions are irrevocable except in limited circumstances.

The offer expires at 5 p.m. ET on April 25. Final settlement is expected to be on or before April 27.

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

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

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