Adani Ports Receives Strong Response To Dollar Bond Tender Offers

Adani Ports and Special Economic Zone Ltd. said it received strong demand for its cash tender offers on three sets of outstanding US dollar bonds, with the 4.2% Notes due 2027 oversubscribed.

The company received $178.27 million in valid tenders for the 4.2% Notes by the early deadline of 5:00 p.m. New York time on July 29, 2025. This exceeded the offer cap of $125 million. The notes will be accepted on a prorated basis using a proration factor of 65.4577%, Adani Ports said in an exchange filing on Wednesday.

Tenders for the 4.0% Notes due 2027 totalled $154.16 million, below the maximum acceptance amount of $200 million. The 4.375% Notes due 2029 saw $105.22 million in tenders, also below the $125 million cap. No proration will apply to these two series.

The company said it would accept all of a holder's validly tendered 4.2% Notes if proration would otherwise result in a return or acceptance below the minimum denomination. It will not accept any additional 4.2% Notes tendered after the Early Tender Date but before the Expiration Date. Notes not accepted for purchase will be returned to holders in line with clearing system procedures.

The tender offers were made for:

• Up to US$125 million of the 4.20% Senior Notes due 2027 (CUSIP: Y00130 VS3 / 00652M AG7)

• Up to US$200 million of the 4.00% Senior Notes due 2027 (CUSIP: XS1636266832 / 00652M AD4)

• Up to US$125 million of the 4.375% Senior Notes due 2029 (CUSIP: Y00130RP4 / 00652MAE2)

• Adani Ports had announced the offers through filings on May 28, May 31 and July 16.