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Adani Ports and Special Economic Zone Limted - Tender Offer - Launch

Adani Ports and Special Economic Zone Limited Commences Cash Tender Offer for up to US$130,000,000 in aggregate principal amount of the outstanding 3.375% Senior Notes due 2024


24 APRIL 2023


Full announcement including disclaimers and offer restrictions available via SGX


"April 24, 2023, Monday – Adani Ports and Special Economic Zone Limited (the “Company”) today announced that it has commenced a tender offer to purchase for cash (the “Tender Offer”) up to US$130,000,000 in aggregate principal amount of the outstanding 3.375% Senior Notes due 2024, CUSIP: Y00130RW9, ISIN: USY00130RW92 (Regulation S) and CUSIP: 00652MAF9, ISIN: US00652MAF95 (Rule 144A) (the “Notes”). The Tender Offer is being made pursuant to a Tender Offer Memorandum, dated April 24, 2023 (the “Tender Offer Memorandum”), which is available on the tender website (the “Tender Website”) https://projects.morrowsodali.com/adaniports.


The purpose of the Tender Offer is to partly prepay the Company’s near-term debt maturities and to convey the comfortable liquidity position of the Company.. After the successful completion of this Tender Offer, the Company expects US$520,000,000 Notes to remain outstanding (“Outstanding Notes”). Post this Tender Offer the Company intends to offer to purchase for cash approximately US$130,000,000 of the Outstanding Notes in each of the next four quarters. The Company may choose to either accelerate or defer this plan subject its own liquidity position and the market conditions, and further subject to the terms, including the pricing, to be separately announced for each of such tranches.


The Company intends to fund the Notes accepted for purchase in the Tender Offer from its cash reserves."


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