Adani Ports plans to repurchase $195 million in bonds

28 Sep 2023 , 09:45 AM

Adani Ports and Special Economic Zone Ltd. has started a second tender offer for its 2024 notes, with repurchase plans of up to $195 million.

The business intends to use its existing cash reserves to finance the buyout of the outstanding 3.375% senior notes due 2024. After the repurchase, the notes will be worth $325 million.

The offer starts at $975 for every $1,000 in principle for debt filed by October 11 and then drops to $965 for every $1,000 after that. The tender offer is scheduled to close on October 26.

In May 2023, the company purchased $130 million in aggregate principal amount of the notes and stated that it would purchase roughly 20% of the principal amount of the notes issued for cash in each of the next four quarters.

The corporation will partially prepay the company’s approaching debt maturities with this tender offer in order to rebuild investor faith, which has been declining. The group has been facing bond and stock sell-offs since February, spurred by charges of corporate malfeasance in a Hindenburg Research investigation. Adani officials, on the other hand, have constantly disputed these charges.

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