| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Muthoot Finance Ltd. > News item |
Muthoot pays $226.13 million in early settlement of 4.4% notes due 2023
By Mary-Katherine Stinson
Lexington, Ky., April 14 – India’s Muthoot Finance Ltd. detailed the early settlement 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 previously reported, holders had tendered an aggregate principal amount of notes that exceeded the maximum purchase amount as of the early tender deadline at 5 p.m. ET on April 10.
Therefore, the company 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. The company was offering to pay $1,000 for each $1,000 of notes tendered prior to the early tender deadline plus accrued interest.
After cancellation of the accepted early tendered notes on April 13, $325 million principal amount remains outstanding.
The offer expires at 5 p.m. ET on April 25. However, because the issuer already accepted notes up to the offer cap as of the early tender deadline, further tenders will not be accepted for purchase.
Those tendering notes after the early deadline would have been eligible to receive $980 per $1,000 of notes plus accrued interest.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.