YES Bank tender for 3¾% notes due 2023 oversubscribed by early date

By Marisa Wong

Los Angeles, June 16 – YES Bank Ltd., acting through its International Financial Services Centre Banking unit, announced the early results of its June 2 tender offer for its $600 million 3¾% senior notes due 2023 (ISIN: XS1756056229).

YES Bank is offering to purchase for cash up to $200 million of the notes, of which $477,146,000 is outstanding. The maximum purchase amount may be adjusted by the company at its discretion.

As of 5 p.m. ET on June 15, the early tender deadline, holders had tendered $300,851,000, or 63.05%, of the outstanding notes, according to a Thursday press release.

The company has decided to accept for purchase $200 million of the early tendered notes. Because the total amount tendered by the early deadline exceeds the offer cap, a scaling factor of 63.192% will be applied to the early tenders.

Where the application of proration would otherwise have resulted in either the company accepting notes from any holder in a principal amount of less than $200,000 or the principal amount of the notes not purchased due to scaling being less than $200,000, the company has elected to accept those tenders in full. All notes not accepted as a result of scaling will be returned to the relevant holder and will remain outstanding, the company noted.

The company will pay an early tender offer consideration of $1,000 per $1,000 principal amount. Holders will also receive accrued interest to but excluding the June 17 early payment date.

Holders tendering after the early deadline will not be eligible to receive the early tender offer consideration but will instead be eligible to receive $970 per $1,000 principal amount, along with accrued interest to the final payment date.

Tenders may no longer be withdrawn.

The tender offer will expire at 11:59 p.m. ET on June 30. The final payment date is expected to be July 5.

The company said it will announce the aggregate amount of notes tendered as of the expiration time, whether the conditions to the tender offer have been satisfied or waived, the principal amount of notes accepted for purchase and the aggregate principal amount that will remain outstanding following completion of the tender offer as soon as reasonably practicable following the expiration time.

J.P. Morgan Securities plc (+852 2800 8220, +44 20 7742 5940, 212 834-4533; attn.: Asia syndicate desk; liability_management_asia@jpmorgan.com) and Standard Chartered Bank (+44 20 7885 5739, +852 3983 8658, +65 6557 8286: attn.: liability management; liability_management@sc.com) are the dealer managers for the tender offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114; yesbank@is.kroll.com; attn.: Mu-yen Lo / Harry Ringrose; https://deals.is.kroll.com/yesbank) is the information agent.

The retail bank is based in Mumbai.

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