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Bharti Airtel subsidiary buys back US$450 mil of 5.35% notes due 2024, 50% higher than initial tender offer

Jovi Ho
Jovi Ho • 1 min read
Bharti Airtel subsidiary buys back US$450 mil of 5.35% notes due 2024, 50% higher than initial tender offer
Bharti Airtel International (Netherlands) has bought back US$450 million of its notes, 50% higher than its initial tender offer.
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Bharti Airtel International (Netherlands), a subsidiary of Singtel subsidiary Bharti Airtel, has bought back US$450 million ($626.23 million) of its 5.35% guaranteed senior notes, due 2024. This is 50% higher than its initial tender offer on July 6.

In a Singapore Exchange (SGX) filing on July 20, Bharti Airtel International (Netherlands) says it paid a total of US$462,593,124.74 in connection with the tender offer.

This comprised of the early tender consideration in the amount of US$1,021 per US$1,000 in principal amount of notes, and the applicable accrued interest payment of $450,000,000 in aggregate principal amount of notes validly tendered at or prior to the early tender deadline.

The aggregate principal amount of notes that remains outstanding is US$550 million.

Reports emerged in late-May that Singtel was in talks with Bharti Airtel chairman Sunil Mittal to potentially sell a “small” part of its holding in the Indian telco to the Mittal family.

Both Singtel and the Mittal family are shareholders in Bharti Telecom. Both parties also own direct shares in Bharti Airtel. Bharti Telecom is the promoter company of Bharti Airtel and a joint venture between Singtel and Mittal’s Bharti Group.

See also: UBS pledges US$2 billion of share buybacks over next two years

Shares in Singtel closed 2 cents higher, or 0.75% up, at $2.67 on July 20.

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