?Bharti Airtel on Thursday said it has completed the tender offer made for buying back debt worth USD 1.5 billion and investors have tendered bonds worth over USD 994 million.
Valid tenders were received with respect to USD 99,48,85,000 principal amount of the notes when the offer ended on November 21, the company said in a regulatory filing.
Bharti Airtel International (Netherlands) B V commenced cash purchase of USD 1.5 billion, 5.125 per cent 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 USD 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 USD 49,33,34,000 and USD 50,51,15,000 principal amount of the notes will remain outstanding...," the filing said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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