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Shriram Finance has launched a dollar bond buyback offer for $460mn for its outstanding notes due 2027 and 2028. The company is looking to repurchase up to $300mn of its $750mn 6.625% 2027s and up to $160mn of its $500mn 6.15% 2028s. The purchase price for the 2027s is set at $1,011.5 and for the 2028s is set at $1,013 per $1,000 of principal, excluding any accrued and unpaid interest. The tender offer is set to expire on September 28, with payment expected around September 30. Shriram Finance said the tender offers are part of its liability management activities to optimize its balance sheet. Any notes accepted will be retired and cancelled.
The 6.625% 2027s were trading at 100.8 yielding 5.1% and 6.15% 2028s were trading at 100.9 yielding 5.5%.
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– Ritish G