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Bond Market News
Adani Electricity Announces Buyback of 2030s
November 14, 2023
Adani Electricity announced a tender offer to buyback up to $120mn of its outstanding 3.949% bonds due 2030 by cash. The offer expires on December 13, 2023 and the early deadline date is on November 30. The purchase price is at $850 per $1,000 in principal before the early deadline. After the early Deadline but prior to the expiration time, the purchase price is at $800 per $1,000 principal. The bonds are currently trading at 72.85, yielding 9.88%. The tender offer is at a 17% premium to its current price.
The buyback will be fully funded through its cash surplus and internal accruals. It noted that the purpose of the buyback was to show financial stability and stable liquidity whilst helping reduce its leverage. It said that similar actions could be carried out across both of its dollar bonds subject to market conditions, using its available liquidity.
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