Shriram Finance launches tender offer to buy back up to $460M of USD notes
SHRIRAMFIN · price
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Shriram Finance has commenced a tender offer to buy back up to $300M of its $750M 6.625 percent USD senior secured notes due 2027 and up to $160M of its $500M 6.15 percent USD senior secured notes due 2028. Total maximum buyback is $460M at par (1,000 dollars per 1,000 dollars face value) plus an additional interest amount of 11.50 and 13.00 dollars per 1,000 dollars respectively and accrued interest. Offer expires September 28, 2026, with payment around September 30, 2026. HSBC and MUFG are dealer managers. Accepted notes will be retired and cancelled as part of balance sheet optimisation.
Early retirement of higher-cost dollar debt, supportive of credit profile. Cash outflow of up to $460M, mildly positive for shareholders.