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Prospect News home > News index > List of issuers U > Headlines for UPL Corp. Ltd. > News item
Published on 6/15/2020 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

India’s UPL pushes out tender offer for all 3¼% notes to June 19

By Wendy Van Sickle

Columbus, Ohio, June 15 – UPL Corp. Ltd. extended the expiry of its tender offer for its $500 million outstanding 3¼% notes due 2021 (ISINs: US90320NAA19, USV96177AA46), according to a press release.

The offer will now expire at 5 p.m. ET on June 19, pushed back from 5 p.m. ET on June 15.

The purchase price is $1,000 per $1,000 face amount of notes.

As announced on June 8, the company is aiming to refinance the outstanding notes, lock in longer term funding rates at current levels and extend the debt maturity profile of its liabilities.

A minimum denomination of $200,000 of the notes must be submitted for the offer and then in integral multiples of $1,000 thereafter.

The deadline for noteholders tendering via notice of guaranteed delivery is now 5 p.m. ET on June 23.

The settlement date is now expected to be June 24.

The tender offer was subject to a financing condition whereby the company obtains funds sufficient to fund the tender offer through one or more financing options. The company said Monday that condition has been met.

The dealer managers are J.P. Morgan Securities plc (Hong Kong: +852 2800 8220, London: +44 20 7742 5940, U.S. 212 834-4533, liability_mangement_asia@jpmorgan.com), Merrill Lynch (Singapore) Ptd. Ltd. (+44 20 7996 5420, DG.LM-EMEA@bofa.com) and MUFG Securities EMEA plc (London: +44 20 7577 4145, Singapore: +65 6232 7631, liability.management@mufgsecurities.com).

D.F. King Ltd. is the information and tender agent (London: +44 20 7920 9700, Hong Kong: +852 3953 7208, New York: 212 269-5550, 800 515-4479, upl@drkingltd.com, https://sites.dfkingltd.com/upl).

Formerly United Phosphorus Ltd., UPL is a chemical manufacturer based in Mumbai.


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