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YES Bank reports final results of tender offer for 3¾% senior notes due 2023
By Mary-Katherine Stinson
Lexington, Ky., July 1 – YES Bank Ltd., acting through its International Financial Services Centre Banking unit, announced the final results of its June 2 offer for up to $200 million principal amount of its outstanding 3¾% senior notes due 2023 (ISIN: XS1756056229).
The offer expired at 11:59 p.m. ET on June 30.
After the early tender deadline expired on June 15, $369,000 more of the notes were tendered.
However, as previously reported, the offer was oversubscribed by the early tender deadline with holders tendering $300,851,000, or 63.05%, of the outstanding notes. The company decided to honor the cap and 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 announced it will not be accepting the $369,000 of notes tendered after the early deadline. The notes will be returned to the holders and will remain outstanding and accrue interest.
As a result, there will be no tender payment on July 5.
As of July 1, the aggregate principal amount that remains outstanding is $277,146,000.
At the start of the cash tender offer, $477,146,000 of the original $600 million principal amount was outstanding.
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) were 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) was the information agent.
The retail bank is based in Mumbai.
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