Adani Ports Accepts $195 Million in Dollar Bond Buyback

Adani Ports Accepts $195 Million in Dollar Bond Buyback
Adani Ports Accepts $195 Million in Dollar Bond Buyback
Adani Ports Accepts $195 Million in Dollar Bond Buyback
Adani Ports Accepts $195 Million in Dollar Bond Buyback

Adani Ports Accepts $195 Million in Dollar Bond Buyback

Adani Ports Accepts $195 Million in Dollar Bond Buyback

Adani Ports Accepts $195 Million in Dollar Bond Buyback

Adani Ports and Special Economic Zone Ltd announced that it has received offers totaling approximately $213 million for its dollar bond buyback. However, the company has decided to accept only the $195 million previously declared as part of the tender offer for its outstanding 3.375% senior notes due 2024.

The tender offer was initiated to buy up to $195 million of the notes in cash, aiming to partially prepay the company’s upcoming debt maturities. As an aggregate principal amount of $212,972,000 of the notes had been validly tendered and not withdrawn by the early tender date, exceeding the maximum acceptance amount, the company will accept such notes for purchase, subject to a proration factor of 87.5619%.

Adani Ports previously announced in May 2023 that it would repurchase about 20% of the principal amount of the issued notes for $130 million in cash over the following four quarters. In this second tranche, the company is buying 30% of the principal amount, which amounts to up to $195 million in aggregate principal, for cash.

The company’s shares were trading flat at ₹816 apiece on BSE. Adani Ports recently witnessed gains after analysts suggested that the impact of events in Israel would be limited for the company, and the firm stated it was closely monitoring the situation and had a business continuity plan in place.

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