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India Airport tender offer oversubscribed by early deadline
By Mary-Katherine Stinson
Lexington, Ky., Aug. 25 – India Airport Infra, the issuer formerly known as Cliffton Ltd., reported the early results in its capped tender offer for the $450 million outstanding 6¼% senior notes due 2025 (Cusips: V2335LAA9, 18684LAA6), according to an announcement.
The company reported that the financing condition, namely that the company receive sufficient funds from the redemption of non-convertible debentures by Delhi International Airport Ltd., was satisfied.
Therefore, the company will accept $102,798,000 in aggregate principal amount of the notes validly tendered with a scaling factor of 43.23%, rounded down to the nearest $1,000.
The maximum acceptance amount is $102.8 million principal amount.
There was also a minimum tender condition for $35 million of the notes.
As previously reported, 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 early deadline was 5 p.m. ET on Aug. 17.
Early settlement is planned for Aug. 24.
The offer expires at 5 p.m. ET on Sept. 1 with results announced on Sept. 5. However, due to the offer being oversubscribed, no more tenders will be accepted after the early deadline.
Final settlement was slated for Sept. 7.
After settlement, $347,202,000 will remain outstanding.
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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