Bharti Airtel completes tender offer to buyback $1.5 bn debt to manage capital structure, reduce gross debt

New Delhi: Bharti Airtel on Thursday said it has completed the tender offer made for buying back debt worth $1.5 billion and investors have tendered bonds worth over $994 million.

Valid tenders were received with respect to $99,48,85,000 principal amount of the notes when the offer ended on 21 November, the company said in a regulatory filing.

Bharti Airtel International (Netherlands) B V commenced cash purchase of $1.5 billion, 5.125 percent Guaranteed Senior Notes due in 2023.

The tender offer was part of efforts to "proactively manage its capital structure, reduce gross debt and leverage by acquiring the notes funded out of equity proceeds and also provide liquidity to noteholders at a premium to the market," the filing said.

Earlier this month, Bharti Airtel said it would pre-pay $1.5 billion debt with its subsidiary Bharti Airtel International (Netherlands), using the proceeds it got from six global entities investing in its Africa unit.

"Following the cancellation of validly tendered notes, between $49,33,34,000 and $50,51,15,000 principal amount of the notes will remain outstanding...," the filing said.

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Updated Date: Nov 23, 2018 10:04:28 IST

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