IIFL prices, gives results of offer to buy up to $50 million 2023 notes

By Rebecca Melvin

Concord, N.H., March 29 – India’s IIFL Finance Ltd. announced results and the purchase price of its March 21 offer to purchase up to $50 million outstanding 5 7/8% notes due 2023 (ISIN: XS2113454115).

As of the tender expiration at 11 a.m. ET on March 28, the issuer had received tenders of $79,156,000 principal amount of notes, representing about 21.2% of the total amount outstanding.

The company will accept only $50 million of the notes. Because the tendered amount exceeded the maximum purchase price, a scaling factor of 57.46% is being applied to the tendered notes. All notes not accepted as a result of proration will be returned to the noteholder on the settlement date.

The purchase price of tendered notes is $1,000 per $1,000 amount of notes. Settlement is expected to be on March 30.

The tender offer was conditioned on financing. The issuer planned to use proceeds from bank facilities to purchase notes under the tender offer.

Following settlement, there will be $233.7 million principal amount of notes remaining outstanding.

As previously reported, the purpose of the offer is to, among other things, optimize the issuer’s financing cost and maturity profile in accordance with ECB regulations, according to the announcement.

HSBC (+852 3941 0223, +44 20 7992 6237, liability.management@hsbcib.com) is the dealer manager for the tender offer.

Morrow Sodali Ltd. (+44 4513 6933, +852 2319 413, iifl@investor.morrowsodali.com, https://bonds.morrowsodali.com/IIFL) is the tender and information agent.

The financial services company is based in Mumbai.

© 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.