Adani Green Eyes $409 Million in 18-Year Dollar Bonds

4 Mar 2024 , 01:22 AM

According to news reports, Adani Green Energy intends to raise money through 18-year bonds denominated in US dollars. The company has initially estimated that it will raise $409 million at a coupon of about 7.1250%.

After a report by American short-seller Hindenburg Research in January 2023 caused a sell-off in Adani group firms’ equities and overseas-listed bonds, this will be the Adani group’s first dollar-denominated bond issue.

The corporation was compelled to exit the foreign currency bond market as a result of the downturn, which also resulted in the $315 million buyback of listed foreign debt securities.

The $500 million senior secured notes with a 6.25% coupon that mature in September 2024 will be refinanced with the proceeds of the offering.

MUFG Securities Asia, Mizuho Securities (Singapore), SMBC Nikko Securities, Barclays, DBS Bank, Deutsche Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, IMI-Intesa Sanpaolo, Societe Generale, QNB Capital, Standard Chartered Bank, and State Bank of India’s London branch have all been designated as joint bookrunners by the issuer.

The bonds are scheduled to be rated ‘Ba1’ by Fitch Ratings and ‘BBB-‘ by Moody’s Investor Service.

For feedback and suggestions, write to us at [e-mail]