Adani Ports and Special Economic Zone Ltd (APSEZ) has announced the early results of its cash tender offers to repurchase up to $495.1 million of overseas bonds, with investors tendering $196.94 million worth of notes by the early deadline.
The company had offered to buy back up to $345.14 million of its 4 per cent senior notes due 2027 and up to $150 million of its 3.1 per cent senior notes due 2031. According to the exchange filing, valid tenders received stood at $101.58 million for the 2027 notes and $95.36 million for the 2031 notes.
The tendered amounts are significantly below the maximum acceptance limits, indicating that a majority of bondholders have opted to retain their holdings. APSEZ retains the flexibility to increase or decrease the final acceptance amount in accordance with the terms of the offer.
Early settlement for notes accepted under the early tender window is expected on or about February 27, 2026. Bondholders whose securities are accepted will receive the early tender consideration along with accrued and unpaid interest up to, but excluding, the settlement date. The overall offer remains open until March 11, 2026, unless extended or amended.
The buyback covers Regulation S and Rule 144A tranches of both note series. The 2027 notes carry a coupon of 4 per cent, while the 2031 notes carry a coupon of 3.1 per cent. By retiring a portion of these issuances ahead of maturity, the company aims to reduce its outstanding foreign currency debt and future interest outgo, depending on the final amount accepted.
Cantor Fitzgerald & Co and Jefferies Singapore acted as joint dealer managers for the transaction, while Sodali & Co served as the information and tender agent.
The final accepted amount and the overall impact on the company’s outstanding debt will be determined after the March 11 expiry of the offer.
