Sammaan Capital launches $18M tender offer for 9.70% bonds
Sammaan Capital Limited has commenced a tender offer to repurchase up to U.S.$18,000,000 of its 9.70% Senior Secured Social Bonds due 2027. The offer, approved on July 20, 2026, features an early tender consideration of U.S.$1,035 per U.S.$1,000 principal amount for bonds tendered by July 31, 2026. This initiative is part of the company's liability management strategy to optimise funding costs and maturity alignment.
*this image is generated using AI for illustrative purposes only.
Sammaan Capital Limited has initiated a tender offer to repurchase an aggregate principal amount of up to U.S.$18,000,000 of its outstanding U.S.$350,000,000 9.70% Senior Secured Social Bonds due 2027. The move is part of the company's ongoing structured liability management programme aimed at actively rebalancing outstanding obligations, enhancing maturity alignment, and capitalising on a structurally declining cost of funds.
The Securities Issuance and Investment Committee approved the offer on July 20, 2026. The company intends to continue evaluating buybacks across its USD-denominated bonds, subject to regulatory frameworks and market conditions, to optimise its overall cost of funds. This strategy is supported by the company's sustained upward credit rating trajectory, which improves access to favourable funding terms.
Deutsche Bank AG, Singapore Branch is acting as the dealer manager, while D.F. King, a business name of MUFG Corporate Markets IR Pty Ltd, is serving as the information and tender agent. The company has entered into a dealer manager agreement dated July 20, 2026, to facilitate the offer.
The tender offer provides two consideration levels. Holders who validly tender bonds at or prior to the Early Tender Deadline of 5:00 P.M. Central European Time on July 31, 2026, will receive U.S.$1,035 per U.S.$1,000 principal amount. Bonds tendered after this deadline but at or before the Expiration Time of 5:00 P.M. Central European Time on August 17, 2026, will receive U.S.$1,000 per U.S.$1,000 principal amount. The company will also pay accrued and unpaid interest on accepted bonds.
Key Terms of the Tender Offer
| Particulars | Details |
|---|---|
| Title of Bonds | U.S.$350,000,000 9.70% Senior Secured Social Bonds due 2027 |
| Outstanding Principal Amount | U.S.$324,000,000 |
| Maximum Purchase Amount | U.S.$18,000,000 |
| Early Tender Offer Consideration | U.S.$1,035 per U.S.$1,000 principal amount |
| Tender Offer Consideration | U.S.$1,000 per U.S.$1,000 principal amount |
| Early Tender Deadline | 5:00 P.M. CET, July 31, 2026 |
| Expiration Time | 5:00 P.M. CET, August 17, 2026 |
The company reserves the right to increase or decrease the Maximum Purchase Amount in its sole discretion. If tenders exceed the maximum amount, valid tenders will be accepted on a pro rata basis. The Early Payment Date is expected to be on or about August 6, 2026, while the Final Payment Date is expected on or before August 19, 2026. The offer is not being made to residents of India or in other jurisdictions where such offers are restricted by law.
Historical Stock Returns for Sammaan Capital
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.41% | -4.09% | -8.28% | -4.12% | +24.41% | -24.52% |
Will Sammaan Capital extend this liability management strategy to other bond series or currency denominations?
How will the company utilize the savings generated from the structurally declining cost of funds?
What specific metrics or milestones will trigger the next phase of buybacks under this programme?
20
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
