Adani Ports announces plans to repurchase an additional $195 million worth of bonds
In Short : Adani Ports is planning to repurchase an additional $195 million worth of bonds. This move underscores the company’s financial strategy to manage its debt and optimize its capital structure. By buying back these bonds, Adani Ports aims to improve its financial position and potentially reduce its interest expenses, contributing to its overall financial stability and growth.
In Detail : In May, the company had bought back its July 2024 bonds for cash $130 million in aggregate of the principal amount
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors’ confidence post being targeted by a US short-seller.
In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves.
Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
The company board “has approved tranche II of the tender offer to purchase for cash up to $195 million in aggregate principal amount of the outstanding 3.375 per cent senior notes due 2024 which represents 30 per cent of the principal amount of the notes,” it said.
In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves.
Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
The company board “has approved tranche II of the tender offer to purchase for cash up to $195 million in aggregate principal amount of the outstanding 3.375 per cent senior notes due 2024 which represents 30 per cent of the principal amount of the notes,” it said.
