Sammaan Capital Limited Announces Tender Offer for Senior Secured Social Bonds
Sammaan Capital Limited announced the commencement of a Tender Offer for its outstanding U.S.$450,000,000 7.5% Senior Secured Social Bonds due 2030. The approval for this transaction came from the Securities Issuance and Investment Committee during a meeting held on April 7, 2026.The committee approved several aspects related to the offer, including the offer to purchase for cash an aggregate principal amount up to U.S.$45,000,000 of the Bonds. Furthermore, the committee sanctioned the issuance of the Tender Offer Memorandum, the entry into a dealer manager agreement dated April 7, 2026, an engagement letter with the Information and Tender agent also dated April 7, 2026, and the commencement of the Tender Offer.
Dealer Manager Agreement Details
Key terms of the Dealer Manager Agreement were outlined, confirming that the agreement is between Sammaan Capital Limited and the Dealer Manager. The purpose of the agreement is for the Dealer Manager to identify and contact holders of the Bonds and solicit offers to sell them to the Company. The size of the agreement relates to the tender offer to purchase for cash up to U.S.$45,000,000 of the outstanding U.S.$450,000,000 7.5% Senior Secured Social Bonds due 2030.The table below summarizes the agreement's key details:
| Particulars | Terms |
|---|---|
| Name of parties with whom the agreement is entered | The Company and the Dealer Manager |
| Purpose of entering into the agreement | Agreement by the Dealer Manager to identify and contact holders of the Bonds and solicit offers to sell from such Bondholders and the Company to purchase such Bonds. |
| Size of the agreement | Agreement is in relation to the tender offer to purchase for cash up to U.S.$45,000,000 of the outstanding U.S.$450,000,000 7.5% Senior Secured Social Bonds due 2030 issued by the Company |
| Shareholding, if any, in the entity with whom the agreement is executed | The Company does not have shareholding in any of the Dealer Manager entities. |
| Significant terms of the agreement (in brief) | The Company has provided certain representations, warranties and indemnity to the Dealer Manager. |
The Company confirmed that it does not have shareholding in any of the Dealer Manager entities, and the Tender Offer itself will not constitute a related party transaction.
Tender Offer Structure and Key Dates
The Tender Offer aims for the Company to utilize cash from its balance sheet to provide liquidity to Bondholders by buying a portion of the outstanding Bonds at par. The total consideration details vary based on when the Bonds are tendered.The structure of the offer is detailed in the following table:
| Title of Bonds | Outstanding Principal Amount | Early Tender Offer Consideration | Tender Offer Consideration | Maximum Purchase Amount |
|---|---|---|---|---|
| U.S.$450,000,000 7.5% Senior Secured Social Bonds due 2030 | U.S.$450,000,000 | U.S.$1,000 per U.S.$1,000 principal amount | U.S.$1,000 per U.S.$1,000 principal amount | Aggregate principal amount up to U.S.$45,000,000 |
The offer has specific deadlines:
| Defined Term | Time and Date |
|---|---|
| Early Tender Deadline | 5:00 P.M., Central European Time, on April 20, 2026, unless extended. |
| Expiration Time | 5:00 P.M., Central European Time, on May 5, 2026, unless the Tender Offer is extended or earlier terminated. |
| Expected Early Payment Date | On or about April 24, 2026. |
| Expected Final Payment Date | On or before May 7, 2026. |
Holders must note that only Bonds validly tendered and not validly revoked by the Early Tender Deadline are eligible for the Early Tender Offer Consideration. Those tendered after the Early Tender Deadline but up to the Expiration Time are eligible only for the Tender Offer Consideration.
The Information and Tender Agent for the Tender Offer is D.F. King, a business name of MUFG Corporate Markets IR Pty Ltd, while Deutsche Bank AG, Singapore Branch is serving as the Dealer Manager.
SAMMAANCAP Stock Price Movement
Sammaan Capital Limited shares slipped by 1.66% on Tuesday, settling at ₹145.18. The stock shed ₹2.45 in value, recording activity on a total volume of 4.94 million shares.Source:
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