The companies plan to issue bonds with maturities of 20 years in one or more tranches starting this month, the bankers said, asking not to be identified as they were not authorized to speak to the media.
“Judging by investor trends in upcoming roadshows, both companies may enter the market by the end of this month,” said one banker.
Adani Green Energy did not respond to a Reuters request for comment.
About a year after Adani Group was accused in January 2023 of improper use of offshore tax havens and stock price manipulation that caused the group’s stock to plummet by $150 billion, the Adani Group announced that it will be closed in 2024, about a year after it was accused by short seller Hindenburg Research of improper use of offshore tax havens and stock price manipulation that caused the group’s stock to plummet by $150 billion. It returned to the dollar bond market at the beginning of the year. companies.
The group has repeatedly denied the allegations, but its companies have since recovered most of their losses on stocks and bonds. Adani Green Energy raised $409 million in 18-year bonds in March after receiving bids of nearly $3 billion. Adani Group is also in talks to raise at least $1.5 billion through the sale of dollar bonds across multiple companies, one of the people said.
Bloomberg reporting
In September.
The latest funding round will be led by Adani Green’s subsidiaries Adani Hybrid Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer Two, Adani Hybrid Energy Jaisalmer Four and Adani Solar Energy Jaisalmer One through a structured note transaction.
While each division guarantees the obligations of the other divisions, the terms and conditions attached to the bond issuance are set in the aggregate, Fitch Ratings notes.
Covenants are contractual terms attached to corporate bonds, typically financial indicators that a company must maintain in order to maintain borrowing at an agreed interest rate.
The notes are rated BBB- (EXP) by Fitch and Baa3 by Moody’s.
Fitch said the proceeds will be used to refinance the subsidiary’s existing dollar-denominated construction loans.
Adani subsidiaries named above were not immediately available for comment.
Nominated issuers include DBS Bank, Emirates NBD Bank, First Abu Dhabi Bank, Mizuho Securities (Singapore), MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong), Societe Generale, and State Bank of India London Branch. has been done. said the two merchant bankers, acting as joint bookrunners.
The lead managers have not yet responded to Reuters’ requests for comment.
