Biznextindia : Adani Ports and Special Economic Zone Limited on Tuesday announced that it has commenced a tender offer to purchase for cash any and all of its outstanding US$650,000,000 3.50% Senior Notes due 2020. The Tender Offer is being made pursuant to a Tender Offer Memorandum, dated 16 July 2019.
The Tender Offer will expire at 5:00 p.m., New York time, on 24 July 2019, unless extended or earlier terminated as described in the Tender Offer Memorandum.
Holders of Notes who validly tender their Notes prior to the Expiration Time, or who deliver to the tender agent a properly completed and duly executed Notice of Guaranteed Delivery in accordance with the instructions described in the Tender Offer Memorandum prior to the Expiration Time, will receive in cash, for Notes validly tendered and accepted for purchase by the Company, US$ 1,009.50 per US$1,000 principal amount of the Notes, plus accrued and unpaid interest to, but not including, the settlement date, which is expected to be on or around 25 July 2019 (interest on any Notes tendered via a Notice of Guaranteed Delivery, as described in the Tender Offer Memorandum, will cease to accrue on or around 25 July 2019 and will be settled on or around 29 July 2019).
The Company has announced the Tender Offer as part of a refinancing transaction pursuant to which the Consideration will be derived from a concurrent offering of new debt securities, on terms and conditions satisfactory to the Company, together with cash on hand.
The Tender Offer is conditioned on the issuance of the New Notes in a principal amount of at least US$650,000,000 on terms and conditions satisfactory to the Company. The Tender Offer is also subject to the satisfaction or waiver of a number of other conditions as set forth in the Tender Offer Memorandum.