Adani Cement prepays $200 million loan

28 Apr 2023 , 03:02 AM

Adani Cement Industries Ltd has pre-paid $200 million debt last week. This is part of the process to reduce a $1 billion mezzanine loan taken from global banks to fund the purchase the Indian units of Holcim Ltd. 

The pre-payment will help the company to see extension of debt taken to fund the acquisition by three years. Global banks had lent Adani $4.5 billion to finance the purchase of Holcim Ltd. cement assets, with the mezzanine loan due for maturity in September 2024.

In September 2022, Adani conglomerate had completed the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion. Post acquisition, Adani group become the second largest cement player in the industry only behind Aditya Birla Group’s UltraTech Cement.