Sammaan Capital Completes $45M Cash Tender Offer for 7.5% Social Bonds Due 2030
Sammaan Capital Limited has completed its cash tender offer for U.S.$45,000,000 of its outstanding U.S.$450,000,000 7.5% Senior Secured Social Bonds due 2030, paying a total of U.S.$45,074,999.97 including accrued interest. The Maximum Purchase Amount was fully accepted on April 21, 2026, with U.S.$405,000,000 in bonds remaining outstanding post-consummation. The filing was made under Regulation 30 of SEBI's LODR Regulations, with Deutsche Bank AG, Singapore Branch, acting as Dealer Manager and D.F. King Ltd. as Information and Tender Agent.
*this image is generated using AI for illustrative purposes only.
Sammaan Capital Limited has announced the final results of its cash tender offer with respect to its outstanding U.S.$450,000,000 7.5% Senior Secured Social Bonds due 2030. The announcement, made on May 5, 2026, confirms the completion of the previously announced offer to purchase Bonds in an aggregate principal amount up to U.S.$45,000,000 — referred to as the Maximum Purchase Amount — on the terms and subject to the conditions set forth in the Tender Offer Memorandum dated April 7, 2026. The filing was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, further to earlier intimations dated April 1, 2026, April 7, 2026, and April 21, 2026.
Tender Offer Completion and Key Details
The Expiration Time of the Tender Offer occurred at 5:00 P.M., Central European Time, on May 5, 2026. As the full Maximum Purchase Amount of U.S.$45,000,000 had already been accepted for purchase on the early acceptance date of April 21, 2026, the company confirmed it would not be accepting any additional Bonds tendered at or prior to the Expiration Time but after the Early Tender Deadline of 5:00 P.M., Central European Time, on April 20, 2026. Any such Tendered Bonds will be returned to the respective Holders and will not be cancelled.
The following table summarises the key parameters of the completed Tender Offer:
| Parameter: | Details |
|---|---|
| Bond Description: | U.S.$450,000,000 7.5% Senior Secured Social Bonds due 2030 |
| Maximum Purchase Amount: | U.S.$45,000,000 |
| Early Tender Deadline: | April 20, 2026, 5:00 P.M. Central European Time |
| Early Acceptance Date: | April 21, 2026 |
| Expiration Time: | May 5, 2026, 5:00 P.M. Central European Time |
| Early Tender Offer Consideration: | U.S.$1,000 per U.S.$1,000 principal amount |
| Total Amount Paid: | U.S.$45,074,999.97 |
| Bonds Remaining Outstanding: | U.S.$405,000,000 |
Payment and Settlement
As of May 5, 2026, the Tender Offer has been consummated. The company paid a total of U.S.$45,074,999.97 in connection with the Tender Offer. This total comprised:
- The Early Tender Offer Consideration of U.S.$1,000 per U.S.$1,000 principal amount of the Bonds
- Accrued and unpaid interest and additional amounts, in cash, with respect to U.S.$45,000,000 in aggregate principal amount of the Bonds validly tendered at or prior to the Early Tender Deadline and accepted for purchase on April 21, 2026
Following the consummation of the Tender Offer, the aggregate principal amount of Bonds remaining outstanding is U.S.$405,000,000. Any Bonds not accepted for purchase or not validly tendered will remain outstanding and continue to accrue interest in accordance with their terms.
Regulatory and Distribution Restrictions
The Tender Offer was made solely pursuant to the Tender Offer Memorandum and is subject to offer and distribution restrictions across multiple jurisdictions. Residents of India are not permitted to acquire and hold the Bonds, and accordingly the Tender Offer was not made, directly or indirectly, in India or to residents of India. The Tender Offer Memorandum has not been and will not be registered with the Registrar of Companies in India, the Securities and Exchange Board of India, the Reserve Bank of India, or any other statutory or regulatory body in India, except as mandatorily required under applicable Indian laws. Similar restrictions apply in the United Kingdom, Singapore, Hong Kong, and the People's Republic of China, in accordance with the respective securities laws of each jurisdiction.
Intermediaries
The Information and Tender Agent for the Tender Offer is D.F. King Ltd., a business name of MUFG Corporate Markets IR Pty Ltd, with offices in London and Hong Kong. The Dealer Manager for the Tender Offer is Deutsche Bank AG, Singapore Branch. Electronic copies of all documents related to the Tender Offer are available via the Tender Offer Website at https://clients.dfkingltd.com/sammaancapital until the consummation or termination of the Tender Offer.
Holders are advised to read carefully the Tender Offer Memorandum, available on the Tender Offer Website, for full details of and information on the Tender Offer.
Historical Stock Returns for Sammaan Capital
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.26% | +22.84% | +18.32% | +8.31% | +37.82% | -15.18% |
How might Sammaan Capital utilize the $45 million raised through the bond buyback to strengthen its balance sheet or fund new lending operations?
With $405 million in Senior Secured Social Bonds still outstanding due 2030, what refinancing strategy might Sammaan Capital pursue as the maturity date approaches?
Could the oversubscription of the tender offer before the Early Tender Deadline signal growing investor confidence in Sammaan Capital's credit profile, and how might this influence future international bond issuances?
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