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Adani Group is close to secure a $3.5bn loan to refinance the existing debt that was used to fund the acquisition of Ambuja Cements Ltd, as per Bloomberg. The loan is likely to be among Asia’s largest, and would be priced at 400-500bp over the benchmark SOFR. According to the Bloomberg, the deal will comprise three tenors namely, the 6-month, 18-month and 3 year maturities. The group has already raised INR 12.5bn ($151mn) in July.
Adani bonds were almost flat with its 3.375% 2024 trading at 96.6 cents on the dollar, yielding 8.14%
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