Adani Ports and Special Economic Zone Ltd., a subsidiary of the Adani conglomerate, has initiated a bond buyback program for its $195 million 2024 notes, offering a discounted price to bondholders. The buyback, funded from the firm’s cash reserves, provides an initial price of $975 per $1,000 in principal for bonds tendered by October 11, lowering to $965 per $1,000 thereafter. The objective is to address near-term debt maturities. Adani’s move follows allegations of corporate misconduct, and despite bond prices recovering from a low of 85.8 cents in February, they were trading at 96.4 cents on the dollar. The tender offer concludes on October 26, 5:00 p.m. in New York, diverging from the global trend of reduced bond repurchases amid rising interest rates, enabling companies to retain lower coupon bonds for longer durations.
Adani Ports Launches $195 Million Bond Buyback at Discount
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