APSEZ has received offers worth about $213 million under its dollar bond buyback, but will accept only $195 million as announced earlier, the company said. The company had late September initiated buyback of 3.375% senior notes maturing in July 2024 and had said it plans to keep buying the outstanding notes over the next three quarters for cash.
The outstanding for this bond stands at $520 million, according to data from LSEG. The yield on this note has dropped around 40 basis points since the company floated the buyback tender and was last at 8.43%.
In April, the ports and logistics company started a buyback programme of dollar bonds in a bid to boost investor confidence after the group’s shares were hit by U.S. short-seller Hindenburg Research’s report, raising debt and accounting concerns. The group had rejected the allegations.
Adani Group, whose businesses span ports, airports, power as well as the property sector, has seen its main seven listed firms lose a combined $100 billion in market value since the Hindenburg report.
