The holders will receive in cash 1,009.50 dollars per 1,000 dollars principal amount of the notes plus accrued interest on July 29.
APSEZ has announced the tender offer as part of a refinancing transaction pursuant to which the consideration will be derived from a concurrent offering (the new notes issuance) of new debt securities together with cash on hand.
On June 27, APSEZ launched a 750 million dollar offshore bond sale to repay existing loans and finance capital expenditure.
The funds are planned to be used for capital expenditure, including on-lending to subsidiaries to meet their capital expenditure needs, and for repaying existing debt. The fixed rate unsecured notes will be listed on the Singapore Exchange.
APSEZ is a subsidiary of Adani Enterprises providing cargo handling and value-added port services. It is engaged in the business of developing, operating and maintaining port and port-based infrastructure facilities. Its port services include marine, handling intra-port transport, storage, other value-added and evacuation services.
Moody's Investors Service had assigned a Baa3 rating to the senior unsecured bonds of APSEZ. It primarily reflected the company's strong market position and the strength of its landmark Mundra Port concession in Gujarat.
APSEZ has 10 port concessions around the country at varying stages of development. It is the largest port developer and operator in India when measured by volume with coal and other dry bulk terminals showing an annual capacity of 378 million tonnes.