Airtel Netherlands buys back senior bonds earlier than due date

Bharti Airtel International (Netherlands), a subsidiary of Airtel Africa, announced on Wednesday, an early buy back of senior bonds, starting a cash tender offer for up to $300 million of its 5.350% guaranteed senior notes worth $1 billion due in 2024.

The company, in its stock exchange filing, said the purpose of the tender offer is to optimise its balance sheet and reduce debt. The tender offer will commence from June 21 and is valid till July 19.

The company will also be paying the accrued interest to those eligible for the tender consideration, both for early and late deadlines.

The maximum acceptance amount has been kept at $300 million, but in case the principal amount of validly tendered notes exceeds the final maximum acceptance amount, the company will first accept tender instructions received prior to the early tender deadline.