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India Airport wraps tender offer, accepts $102.80 million early tenders
By Mary-Katherine Stinson
Lexington, Ky., Sept. 5 – India Airport Infra, the issuer formerly known as Cliffton Ltd., reported the expiration of its capped tender offer for its $450 million outstanding 6¼% senior notes due 2025 (Cusips: V2335LAA9, 18684LAA6), according to an announcement.
As previously reported, the offer was oversubscribed by the early deadline of 5 p.m. ET on Aug. 17, and no more tenders were accepted after that time. Any notes not accepted for purchase or not validly tendered remain outstanding and continue to accrue interest.
The offer expired at 5 p.m. ET on Sept. 1.
Therefore, the company accepted and purchased $102,798,000 aggregate principal amount of the early tendered notes with a scaling factor of 43.23%, rounded down to the nearest $1,000, on the early settlement date of Aug. 24.
The maximum acceptance amount was $102.8 million principal amount.
There was also a minimum tender condition for $35 million of the notes.
The tender consideration was $987.50 per $1,000 note, inclusive of a $50 early payment that was only offered to holders who tendered by the early deadline.
Final settlement was slated for Sept. 7, though that is no longer relevant.
After settlement, $347,202,000 remains 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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