YES Bank settles early tendered 3¾% notes for $202.73 million

By Marisa Wong

Los Angeles, June 17 – YES Bank Ltd., acting through its International Financial Services Centre Banking unit, announced the early settlement of notes tendered under its June 2 offer for up to $200 million of its outstanding 3¾% senior notes due 2023 (ISIN: XS1756056229). At the start of the cash tender offer, $477,146,000 of the original $600 million principal amount was outstanding.

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 decided to accept for purchase $200 million of the early tendered notes. Because the total amount tendered by the early deadline exceeded the offer cap, a scaling factor of 63.192% was applied to the early tenders.

The company paid a total of $202,729,166.87 to settle the early tendered notes accepted for purchase. Holders received an early tender offer consideration of $1,000 per $1,000 principal amount and accrued interest to but excluding the June 17 early payment date.

The company has arranged for the tendered notes, representing 41.92% of the total amount outstanding, to be canceled on June 17. The aggregate principal amount that remains outstanding is $277,146,000.

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

Tenders may no longer be withdrawn.

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.

The maximum purchase amount may be adjusted by the company at its discretion.

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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