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Adani Green Energy will redeem its 4.375% bonds due 2024 in full by its due date, as per an SGX filing. The above bond’s underwriters will provide a funding letter for $675mn and Adani Green will use proceeds from an equity transaction to make the repayment sum. There was no mention on the details of the funding letter or where the equity transaction proceeds would come from. As per Justin Ong, a credit analyst at Columbia Threadneedle, “The letter mentioned about the equity transaction proceeds but we have to watch how the company is planning to execute this transaction… this is helpful but it is not clear whether committed facilities are firmly in place”. Phuntsok Wangyal, Adani Green’s CFO earlier this year stated that a “liquidity pool” had been created so that it can be used to repay the notes.
Adani Green’s dollar bonds have been trending higher since November – the 4.375% 2024s have moved from 92 to currently trade at 96.8 cents on the dollar, yielding 9.02%.
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