Adani Ports Receives Strong Response for Cash Tender Offers
Adani Ports and Special Economic Zone Ltd. announced that there was significant interest in its cash tender offers on three sets of outstanding US dollar bonds, with the 4.2% Notes due 2027 attracting intense oversubscription.
Strong Demand for 4.2% Notes
The company received an overwhelming $178.27 million in valid tenders for the 4.2% Notes by the early deadline of July 29, 2025, 5:00 p.m. New York time. This amount exceeded the offer cap of $125 million. Adani Ports mentioned in an exchange filing on Wednesday that the notes would be accepted on a prorated basis using a proration factor of 65.4577%.
Tender Offers Breakdown
Tenders for the 4.0% Notes due 2027 reached $154.16 million, falling short of the maximum acceptance amount of $200 million. Similarly, the 4.375% Notes due 2029 saw tenders totaling $105.22 million, also below the $125 million cap. No proration will apply to these two series.
The company stated that it would accept all validly tendered 4.2% Notes to avoid returns or acceptances below the minimum denomination. Additionally, any additional 4.2% Notes tendered after the Early Tender Date but before the Expiration Date will not be accepted for purchase. Notes that are not purchased will be returned to holders following clearing system procedures.
Offer Details
The tender offers were made for:
- Up to US$125 million of the 4.20% Senior Notes due 2027 (CUSIP: Y00130 VS3 / 00652M AG7)
- Up to US$200 million of the 4.00% Senior Notes due 2027 (CUSIP: XS1636266832 / 00652M AD4)
- Up to US$125 million of the 4.375% Senior Notes due 2029 (CUSIP: Y00130RP4 / 00652MAE2)
Adani Ports had originally announced the offers through filings on May 28, May 31, and July 16.
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