Adani Ports & SEZ stock gains 1% on bid to prepay $195-million near-term debt

In the past six months, Adani Ports & SEZ stock has climbed 31 percent versus 14 percent of the Sensex benchmark

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Shares of Adani Ports and Special Economic Zone (SEZ) gained 1 percent to Rs 827 per share on September 27 on the BSE after the company launched an offer to prepay $195 million near-term debt maturing in 2024. In comparison, the S&P BSE Sensex was down 186 points or 0.2 percent to 65,758 levels, as of 9:25am.

Adani has launched a cash tender offer to buy outstanding 3.37 percent senior notes due 2024. This is the port operator’s second tranche of the bond-purchase program after it settled notes worth $130 million in May.

In the past six months, Adani Ports & SEZ stock has climbed 31 percent versus 14 percent of the Sensex benchmark. Earlier this year, the stock had touched a 52-week low of Rs 394 apiece on March 3, in the aftermath of the Hindenburg report release, whereas it scaled to a 52-week high of Rs 916 per share on November 16, 2022.

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The company stated that the purpose of the tender offer was to partly repay its near-term debt maturities. “After the successful completion of this tender offer, the company expects $325 million notes to remain outstanding,” it said in an exchange filing.

In May 2023, the company purchased $130 million in debt securities and indicated that it would purchase for cash nearly 20 percent of the principal amount of notes issued in each of the next four quarters.

Reiterating its intention, the company said that subject to market conditions and liquidity position, it will continue its bond-buyback program over the next three quarters as well. Like earlier, the port operator intends to fund the buyback from its cash reserves.

The tender offer will expire at 5pm, New York time, on October 26, 2023, unless extended or earlier terminated, added the company.

The company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank, First Abu Dhabi Bank, Mizuho Securities (Singapore), MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) Limited, and Standard Chartered Bank to serve as dealer managers for the tender offer.

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