Adani Ports and Special Economic Zone on Monday said that it has floated a tender for close to $130 million in outstanding debt to prepay some amount of the loan due in 2024, the company announced through an exchange filing. The amount is the aggregate principal amount of the outstanding 3.375 per cent senior notes due in 2024.
The tender is available on the tender website and will help the company partly prepay the loan and convey its comfortable liquidity position. Post the successful completion of this tender $520 million notes will be outstanding.
The company has also said that it plans to purchase close to $130 million notes in each quarter for the next four quarters. The company said that it may accelerate or defer the plan depending on the company's liquidity position.
The Adani group's overall debt consists of 39 per cent of foreign currency bonds followed by term loans from Indian and foreign banks.
The company in the exchange filing said that it intends to use its own generated funds and surplus cash to repurchase foreign currency bonds that is expected to begin with a $650 million tranche at Adani Ports and Special Economic Zone. Adani Group is also considering purchasing other bonds at other Adani entities and is creating a plan for allocating the capital.
Adani Ports and Special Economic Zone Limited shares
The shares of Adani Ports and Special Economic Zone Limited on Monday fell 0.21 per cent to Rs 660.05 at 10:36 am.
