Adani Ports begins purchase of USD 650 mn worth notes

Adani Ports and Special Economic Zone (APSEZ) Tuesday said it has commenced purchase of USD 650 million (around Rs 4,460 crore) worth bonds due next year.

"APSEZ..announced that it has commenced a tender offer to purchase for cash (the tender offer) any and all of its outstanding USD 650,000,000 3.50 per cent senior notes due 2020 (the notes)," the company said in a filing to BSE.

The tender offer will expire on July 24, it said.

"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 company said.

The tender offer is conditional on the issuance of the new notes in a principal amount of at least USD 650 million 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, it said.