India’s Glenmark starts tender offer for 2% equity-linked securities

Chicago, March 19 – Glenmark Pharmaceuticals Ltd. started a tender offer and consent solicitation for up to $38.5 million of its $113.5 million outstanding 2% resettable onward starting equity-linked securities due 2022 (ISIN: XS1426780125), according to a notice.

The company is offering to pay 120.3 to purchase the bonds.

The put price for the notes is 121.78.

The deadline for tenders is 10:59 a.m. ET on March 26.

The consent instruction expiration deadline is 5 a.m. ET on April 8.

A meeting will be held at 5 a.m. ET on April 12.

Settlement is planned for April 15.

Tenders are subject to proration.

The offer is subject to the condition of Glenmark drawing down under its facility agreements an amount of up to $46.5 million.

The company is additionally inviting bondholders to approve the amendment to the optional put notice period from not later than 30 days nor more than 60 days prior to the put option date to a minimum of 150 days prior to the put option date.

The dealer manager for the offer is HSBC (+852 3604 3737, +852 6893 6732, aiva.w.t.li@hsbc.com.hk).

The tender and tabulation agent is Morrow Sodali (+44 20 8089 3287, +852 2319 4130, glenmarkpharma@investor.morrowsodali.com).

Mumbai, India-based Glenmark is a pharmaceutical company.

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