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

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

Press Trust of India November 23, 2018 10:03:08 IST
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.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Only four percent of COVID-19-related studies were relevant to the Africa population, study finds
World

Only four percent of COVID-19-related studies were relevant to the Africa population, study finds

Just 94 out of 2,196 articles studied, contained content related to Africa and the articles relevant to Africa, just 210 out of 619 listed authors who were African.

Ghana becomes first African country to receive COVID-19 vaccines from the COVAX alliance
science

Ghana becomes first African country to receive COVID-19 vaccines from the COVAX alliance

Ghana's food and drug authority has already authorised the use of the Indian-made vaccines as well as Russia's Sputnik V.

Ebola outbreak: Guinea to begin vaccination drive after storm-delayed plane arrives
World

Ebola outbreak: Guinea to begin vaccination drive after storm-delayed plane arrives

Authorities said some of the doses would head straight to Nzerekore, the capital of Guinea's southeastern forest region where five people have recently died of Ebola.