Adani Ports and Special Economic Zone (APSEZ) Ltd has announced the expiration and results of its previously announced tender offer to purchase for cash its outstanding 650 million dollars 3.5 per cent senior notes due in 2020.
On June 27, APSEZ launched the offshore bond sale to repay existing loans and finance capital expenditure.
The tender offer expired at 5 pm New York time on Wednesday. At the expiration time, valid tenders were received with respect to 280,812,000 of the notes. The company did not receive any instructions for tenders pursuant to the guaranteed delivery procedures.
APSEZ said it has accepted for payment all of the notes validly tendered before the expiration time. Tendering noteholders will receive the purchase price 1,009.50 dollars per 1,000 dollars principal amount of the notes tendered and accepted for purchase plus accrued and unpaid interest to but not including the settlement date July 25.
Following the cancellation of validly tendered notes, 369,188,000 dollars of the notes will remain outstanding, it said in a statement.
APSEZ is a subsidiary of Adani Enterprises providing cargo handling and value-added port services. It is engaged in the business of developing, operating and maintaining port and port-based infrastructure facilities. Its port services include marine, handling intra-port transport, storage, other value-added and evacuation services.
More From This Section
Moody's Investors Service had assigned a Baa3 rating to the senior unsecured bonds of APSEZ. It primarily reflected the company's strong market position and the strength of its landmark Mundra Port concession in Gujarat.
APSEZ has 10 port concessions around the country at varying stages of development. It is the largest port developer and operator in India when measured by volume with coal and other dry bulk terminals showing an annual capacity of 378 million tonnes.
Disclaimer: No Business Standard Journalist was involved in creation of this content
