Bharti Airtel accepts $450 million tendered notes at early deadline

By Devika Patel

Knoxville, Tenn., July 6 – Bharti Airtel International (Netherlands) BV announced early results in its tender for its $1 billion of 5.35% senior notes due 2024 (Cusips: 08861JAB5 and N1384FAB1) guaranteed by Bharti Airtel Ltd.

The tender was launched on June 21. As of the early deadline of 5 p.m. ET on July 5, holders of $488.74 million of notes had validly tendered their securities. The company increased the tender cap to $450 million of notes from up to $300 million of notes.

Accordingly, the company will not accept any further notes for purchase since the principal of notes tendered by the early deadline exceeds the maximum amount of notes the company is willing to accept.

Also, the scaling factor of 88.5741% will be applied to the tendered notes, rounded down to the nearest $1,000.

The early tender consideration will be $1,021 for each $1,000 of notes and includes an early tender premium of $30. The company will also pay accrued interest.

The offer deadline would have been 11:59 p.m. ET on July 19.

The purpose of the tender offer is for the company to optimize its balance sheet and reduce debt, according to a news release.

Settlement is expected on July 7.

Barclays Bank plc (+852 2903 3266 or projecthalo@barclayscorp.com), Citigroup Global Markets Inc. (+852 2501 2541 or projecticeind2022.ap@citi.com), Merrill Lynch (Singapore) Pte. Ltd. (+44 20 7996 5420, +852 3508 3514 or DG.LM-EMEA@bofa.com) and Standard Chartered Bank (+44 20 7885 5739, 212 667-0351 or liability_management@sc.com) were the dealer managers.

Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933, 203 609-4910 or BhartiAirtel@investor.morrowsodali.com) was the information and tender agent.

Bharti Airtel is a mobile telecommunications company based in New Delhi.

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