Adani Ports and Special Economic Zone Ltd has started the tender offer for buying back $195 million worth of outstanding senior notes due in 2024.
The senior notes, each of which have a face value of $1,000 and coupon of 3.375 per cent, are being bought back at $975 each and the offer will expire on October 26, the company said in an exchange filing.
The tender offer is part of the company’s ongoing programme to prepay its near term debt maturities and reduce its outstanding liabilities. The company would have $325 million of notes outstanding after this purchase. The funds for the purchase are coming out of its cash reserves.
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In May the company had purchased $130 million worth of notes and had also indicated buying back about a fifth of the principal amount in each of the next four quarters. The current tranche on offer represents about 30 per cent of the principal amount of the notes issued.
“The company may choose to either accelerate or defer this plan, subject to market conditions, and further subject to the terms, including the pricing, to be separately announced for each of such tranches,” it said.
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Shares of Adani Ports were up a little at Rs 824.65 on the NSE.