Adani Ports and Special Economic Zone Ltd has disclosed its plan to repurchase up to $195 million worth of its 2024 notes at a price lower than their initial issue. The company has initiated a tender offer to buy back its outstanding 3.375% senior notes due in 2024 for a cash payment of up to $195 million.
The purpose of this tender offer is to partially prepay the company’s upcoming debt maturities. Adani Ports intends to finance the repurchased notes using its cash reserves. This move follows the company’s earlier announcement in May 2023 to buy approximately 20% of the principal amount of the notes for a total cash purchase price of $130 million over four quarters.
The tender offer is set to conclude on October 26, 2023, at 5:00 p.m., New York time. Adani Ports plans to continue repurchasing the outstanding notes over the next three quarters, depending on market conditions and its liquidity position, with details for each tranche to be separately announced.
