Mumbai, May 9 Adani Ports and Special Economic Zone’s bonds repurchase program was overwhelmingly oversubscribed with offers worth $412.724 million being tendered, as on the early tender date of May 8, as bond holders rushed to redeem their holdings.

Last month the company said that it would be commencing a bond repurchase program of outstanding 3.375% Senior Notes due 2024 up to $130 million. It had approved the buyback of $650 million worth notes over the next five quarters in tranches of $130 mln each via a tender offer. As the offers have already surpassed the maximum acceptance amount the company said it will not accept any notes tendered after this. According to the offer document, the tender offer was to expire on May 22, while bonds tendered after the early date also had a low payout at $955 per $1000 principal amount.

The consideration offered to those holders who tendered their notes on or prior to the early tender date will be $970 per $1,000 principal amount and the settlement date for the notes accepted for purchase would be May 10, the company said.

Since the principal amount of notes tendered exceeded the maximum acceptance amount of $130 million in aggregate principal amount of the outstanding notes, it would accept such notes for purchase subject to the proration factor of 34.2649 per cent, it said.

Adani Ports has about $3.8 billion worth of debt maturing over FY24 to FY30, with large chunks due for repayment in FY25 and FY28.

Analysts said that while the company had healthy cash flows and robust operations, with investigations by Sebi hanging over the group, bond holders were taking the opportunity to cash out and minimise their exposure to the group.

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