Jobaaj Stories
Adani Ports and Special Economic Zone Ltd has revealed plans to repurchase its outstanding 3.375% senior notes due in 2024 in a cash tender offer. The company aims to buy back these notes for a total of $195 million, offering a price lower than their original issue value.
This announcement, made through a filing with the exchange, outlines Adani Ports' intention to utilize its cash reserves to fund the repurchase of the notes accepted in the tender offer. The company had previously disclosed its plan in May 2023 to buy around 20% of the principal amount of the issued notes for a total cash purchase of $130 million spread over the next four quarters. This new move represents the acquisition of 30% of the issued notes' principal amount, equivalent to up to $195 million, in cash.
The tender offer, unless specified otherwise in the tender offer memorandum, is set to conclude on October 26, 2023, at 5:00 p.m. New York Time.
Adani Ports reaffirms its commitment to continue purchasing the Outstanding Notes for cash in the upcoming three quarters, aligning with its initial announcement in May 2023. The company may, however, decide to expedite or delay this plan based on prevailing market conditions. Specific details, including pricing, for each tranche of such purchases will be separately disclosed in due course, as stated in the exchange filing.
Also read: After 15 years, A Chargesheet filed against a Pakistani-Canadian Tahawwur Rana, for the 26/11 Mumbai Terrorist Attacks
