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Bond Market News
Shriram Completes $460mn Tender Offer
October 1, 2026
Shriram Finance Limited completed its tender offer for its $750mn 6.625% notes due 2027 and $500mn 6.15% notes due 2028. It accepted a combined ~$460mn million of principal. The offers, which expired on 28 September, attracted total tenders of $931.5mn, significantly exceeding the company’s maximum acceptance limits. For the 2027 notes, investors tendered $579.4mn, of which $300mn was accepted (proration factor of 47.9%), while $352.1mn of the 2028 notes were tendered and $160mn accepted (proration factor of 37.3%). The company paid $479.1mn on 30 September including purchase consideration, additional interest and accrued interest. The transaction allows the company to reduce outstanding liabilities ahead of upcoming maturities, allowing it to optimize its funding structure and manage future refinancing requirements.
Shriram’s 6.15% 2028s were stable at 100.7, yielding 5.6%
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– Vandit P
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