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India Airport (Cliffton) starts tender offer for notes due 2025
Chicago, Aug. 4 – India Airport Infra, the issuer formerly known as Cliffton Ltd., started a capped tender offer for the $450 million outstanding 6¼% senior notes due 2025 (Cusips: V2335LAA9, 18684LAA6), according to an announcement.
The maximum acceptance amount is $102.8 million principal amount.
There is also a minimum tender condition for $35 million of the notes.
The tender consideration offered is $987.50 per $1,000 note, inclusive of a $50 early payment that will only be paid to holders who tender by the early deadline.
The offer is subject to a financing condition, namely the company receiving sufficient funds from the redemption of non-convertible debentures by Delhi International Airport Ltd.
Tenders may be prorated.
The early deadline is 5 p.m. ET on Aug. 17.
Early results will be announced on Aug. 18.
Early settlement is planned for Aug. 24.
The offer expires at 5 p.m. ET on Sept. 1 with results announced on Sept. 5.
Final settlement is expected for Sept. 7.
The dealer managers are HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, 212 525-5552, liability.management@hsbcib.com) and J.P. Morgan Securities plc (liability_management_asia@jpmorgan.com).
The information and tender agent is Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933, 203 609-4910, IndiaAirport@investor.morrowsodali.com).
India Airport is a special financing vehicle for Delhi International Airport, but has no legal linkage to DIAL.
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