Tender Offer Settled: USD 299.979 Mn of 2027 Notes and USD 160 Mn of 2028 Notes Purchased and Cancelled
Tender offer settled on Sept 30, 2026.
- 2027 Notes Purchased
- U.S.$299,979,000 principal for U.S.$312,151,064.87
- 2028 Notes Purchased
- U.S.$160,000,000 principal for U.S.$166,918,000.27
- 2027 Notes Outstanding After Buyback
- U.S.$450,021,000
- 2028 Notes Outstanding After Buyback
- U.S.$340,000,000
- Settlement Date
- September 30, 2026
What happened
Shriram Finance completed the settlement of its tender offers to buy back, for cash, part of two series of dollar bonds issued under its USD 3,500,000,000 Global Medium Term Note Programme. The purchase took place on September 30, 2026.
The numbers
- 2027 Notes (6.625%): outstanding before offer U.S.$750,000,000; tendered U.S.$579,421,000; purchased U.S.$299,979,000 principal, for aggregate consideration of U.S.$312,151,064.87.
- 2028 Notes (6.15%): outstanding before offer U.S.$500,000,000; tendered U.S.$352,101,000; purchased U.S.$160,000,000 principal, for aggregate consideration of U.S.$166,918,000.27.
- Additional interest paid: U.S.$3,449,758.5 on the 2027 Notes and U.S.$2,080,000.0 on the 2028 Notes.
- Accrued interest paid: U.S.$8,722,306.37 on the 2027 Notes and U.S.$4,838,000.27 on the 2028 Notes.
Pricing
Holders received U.S.$1,000 per U.S.$1,000 principal amount, plus an additional interest payment of U.S.$11.50 per U.S.$1,000 for the 2027 Notes and U.S.$13.00 per U.S.$1,000 for the 2028 Notes, together with applicable accrued interest.
After the buyback
All notes accepted for purchase have been cancelled. Remaining outstanding: U.S.$450,021,000 of the 2027 Notes and U.S.$340,000,000 of the 2028 Notes.
Context for investors
These notes are listed on India INX and NSE IX and do not form part of paid-up share capital, so there is no change to the shareholding pattern. HSBC and MUFG acted as dealer managers; Sodali & Co acted as information and tender agent. The purchase is stated to be in compliance with the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018.
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More numbers
- 2027 Notes outstanding before offerU.S.$750,000,000
- 2028 Notes outstanding before offerU.S.$500,000,000
- 2027 Notes tenderedU.S.$579,421,000
- 2028 Notes tenderedU.S.$352,101,000
- 2027 Notes purchased (principal)U.S.$299,979,000
- 2027 Notes aggregate considerationU.S.$312,151,064.87
- 2028 Notes purchased (principal)U.S.$160,000,000
- 2028 Notes aggregate considerationU.S.$166,918,000.27
- 2027 Notes balance outstandingU.S.$450,021,000
- 2028 Notes balance outstandingU.S.$340,000,000
- 2027 Notes coupon6.625 percent
- 2028 Notes coupon6.15 percent
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