Shriram Transport announces early results for capped tender offer

Chicago, Oct. 31 – India’s Shriram Transport Finance Co. Ltd. announced the early results of its capped tender offer for its $500 million outstanding 5.1% senior secured notes due 2023 (Cusips: Y7758EEF4, 825547AC6).

As of the early tender deadline at 5 p.m. ET on Oct. 28, the company received valid tenders for $247,531,000, or 49.51%, of the outstanding notes.

The early tender consideration is $985 per $1,000 note, inclusive of a $30 early tender payment that will not be made to holders who tender after the early deadline.

The company will pay $243,818,035 plus interest for the early tendered notes.

Early settlement is expected for Nov. 3.

Following the early settlement, there will be $252,469,000 of the notes outstanding.

The tender offer will expire at 11:59 p.m. ET on Nov. 14. Final settlement is expected for Nov. 17.

Tenders may be prorated.

There was a tender condition that the mark to market value of certain hedge transactions that the company intends to unwind in connection with the tender offer and the cancellation of notes purchased at the purchase price must not be negative.

The tender condition was reported as satisfied.

The dealer managers are Citigroup Global Markets Inc. (+852 2501 2692, liabilitymanagement.asia@citi.com), DBS Bank Ltd. (+65 6878 9821, liabilitymanagement@dbs.com), HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, 212 525-5552, liability.management@hsbcib.com), J.P. Morgan Securities plc (liability_management_asia@jprmogan.com) and Standard Chartered Bank (+44 20 7885 5739, +852 3982 8658, +65 6557 8286, liability_management@sc.com).

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

The Mumbai-based company provides financing for commercial vehicles.

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