Adani Group to prepay USD 130 million debt to boost investor confidence
New Delhi: Billionaire Gautam Adani’s group today said it will prepay a USD 130 million loan to boost investor confidence targeted by a US short seller.
Adani Ports and SEZ, the Adani Group’s ports arm, last month floated a tender to buy back USD 130 million of its July 2024 bonds and similar amounts in the next four. Confidence by showing that its liquidity is comfortable.
In a stock exchange filing, APSEZ said the total principal amount of USD 412.7 million was validly paid.
Adani Group to prepay USD 130 million debt to boost investor confidence
Billionaire Gautam Adani’s group today said it will prepay its USD 130 million loan.
New Delhi: Billionaire Gautam Adani’s group today said it will prepay a USD 130 million loan to boost investor confidence targeted by a US short seller.
Adani Ports and SEZ, the Adani Group’s ports arm, last month floated a tender to buy back USD 130 million of its July 2024 bonds and similar amounts in the next four. Confidence by showing that its liquidity is comfortable.
In a stock exchange filing, APSEZ said the total principal amount of USD 412.7 million was validly paid.
“As the principal amount of notes validly tendered and invalidly withdrawn on or before the previous tender date (May 8) exceeds the maximum acceptance amount of USD 130 million in aggregate principal amount of the outstanding notes, the Company will accept such notes subject to a rate factor of 34.2649 per cent for purchase.” ,” it said.
Shares of Adani Group companies plunged after Hindenburg Research on January 24 said in a report that it had accused it of improper use of offshore tax havens for account fraud and stock manipulation.
The group has denied all the allegations.
Shares of Adani Group companies plunged after Hindenburg Research on January 24 said in a report that it had accused it of improper use of offshore tax havens for account fraud and stock manipulation.
The group has denied all the allegations.
APSEZ closed its buyback program for its 3.375 percent dollar-denominated bonds maturing in 2024 on May 8.
“The objective of the tender offer is to partially prepay the company’s near-term debt maturities and signal a comfortable liquidity position,” it said in a statement last month.
The Company has appointed Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nico Securities (Hong Kong) and Standard Chartered Bank to serve as Dealer Managers.
In addition to the principal amount, the Company will pay accrued interest on any notes purchased in the tender offer, up to and including the date of the last interest payment.
