Adani Ports completes $495 million bond buyback; early tenders at $196.94 million

Adani Ports announced the early results of its cash tender offers to repurchase up to $495.1 million of overseas bonds, with investors tendering $196.94 million worth of notes by the early deadline. The company had offered to buy back up to $345.14 million of its 4% senior notes due 2027 and up to $150 million of its 3.1% senior notes due 2031.

According to the exchange filing, valid tenders received stood at $101.58 million for the 2027 notes and $95.36 million for the 2031 notes.

The tendered amounts are well below the maximum acceptance limits, indicating that a large section of bondholders has chosen to retain their holdings. The company retains the flexibility to increase or decrease the final acceptance amount under the terms of the offer.


Early settlement for notes accepted under the early tender window is expected on or about February 27, 2026. Bondholders whose securities are accepted will receive the early tender consideration along with accrued and unpaid interest up to, but excluding, the settlement date. The overall offer remains open until March 11, 2026, unless extended or amended.

The buyback covers Regulation S and Rule 144A tranches of both note series. The 2027 notes carry a coupon of 4%, while the 2031 notes carry a coupon of 3.1%. By retiring part of these issuances ahead of maturity, the company reduces its outstanding foreign currency debt and future interest outgo, depending on the final amount accepted.

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Cantor Fitzgerald & Co and Jefferies Singapore acted as joint dealer managers for the transaction, while Sodali & Co was the information and tender agent.

The final accepted amount and the impact on outstanding debt will be known after the March 11 expiry.