Adani Ports and Special Economic Zone Ltd Commences Cash Tender Offer for up to US$ 130,000,000

Adani Ports and Special Economic Zone Limited (the "Company") today announced that it has commenced a tender offer to purchase for cash (the "Tender Offer") up to US$130,000,000 in aggregate principal amount of the outstanding 3.375% Senior Notes due 2024, CUSIP: Y00130RW9, ISIN: USY00130RW92 (Regulation S) and CUSIP: 00652MAF9, ISIN: US00652MAF95 (Rule 144A) (the "Notes").

The purpose of the Tender Offer is to partly prepay the Company's near-term debt maturities and to convey the comfortable liquidity position of the Company. After the successful completion of this Tender Offer, the Company expects US$520,000,000 Notes to remain outstanding ("Outstanding Notes"). Post this Tender Offer the Company intends to offer to purchase for cash approximately US$130,000,000 of the Outstanding Notes in each of the next four quarters. The Company may choose to either accelerate or defer this plan subject its own liquidity position and the market conditions, and further subject to the terms, including the pricing, to be separately announced for each of such tranches.

The Company intends to fund the Notes accepted for purchase in the Tender Offer from its cash reserves.

Shares of Adani Ports and Special Economic Zone Limited was last trading in BSE at Rs. 661.80 as compared to the previous close of Rs. 666.25. The total number of shares traded during the day was 183913 in over 6251 trades.

The stock hit an intraday high of Rs. 670.30 and intraday low of 658.60. The net turnover during the day was Rs. 121986511.00.

Source : Equity Bulls

Keywords

AdaniPortsandSpecialEconomicZone INE742F01042 TenderOffer SeniorNotes Purchase