According to a regulatory filing, Airtel Africa has raised tender offer to buy back up to $450 million (about Rs 35.50 billion) of senior notes. The tender has been raised by Bharti Airtel International (Netherlands) BV, which manages Airtel’s Africa business.
The company had issued a tender offer to purchase $300 million worth of its 5.35 per cent guaranteed senior notes of $1 billion due 2024. The offer commenced from June 21, 2022 and will expire on July 19, 2022. Meanwhile, the company’s move to enhance the tender offer follows tendering of debt notes worth over $488 million by the bond holders.
The moves comes in the backdrop of company’s decision to optimise its balance sheet and reduce debt. The consolidated net debt excluding lease obligations for Bharti Airtel stood at Rs 1.24 trillion as of March 31, 2022, compared to Rs 1.16 trillion in the year-ago period.
