Adani Ports and Special Economic Zone announces early settlement, paying $191.5m

Adani Ports and Special Economic Zone Limited (Adani Ports) has successfully wrapped up the early settlement of its previously announced tender offer for the 3.375% Senior Notes due 2024. This move is in alignment with the company’s commitment to fortifying its financial position and building stakeholder confidence.

Financial Highlights of the Settlement

Adani Ports had initially announced a tender offer for cash to purchase up to a Maximum Acceptance Amount of US$195 million of its outstanding Senior Notes from registered holders. The company eventually disbursed a total of US$191,534,834.53 for the settlement. This amount was split between:

• Early Tender Offer Consideration: US$975 for every US$1,000 principal amount.
• Accrued Interest: US$7.4063 for each US$1,000, totaling US$194,965,000 for the principal amount of the notes that were tendered by 5:00 P.M., New York City time, on October 11, 2023.

Current Status and Future Prospects

Following the early tender date, the tendered notes will be annulled by or around October 13, 2023. Post-cancellation, the aggregate principal amount of the Outstanding Notes will be US$325,035,000. Due to the exceeded Maximum Acceptance Amount, Adani Ports confirmed it would not be accepting any notes tendered post the early tender date.