This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Adani Group is said to be in talks with banks to arrange $3.5bn in syndicated loans to refinance debt, in particular the one taken for its purchase of Ambuja Cements. It had taken $3.8bn in debt for the purchase and sources say that Adani will repay at least $300mn on the original Ambuja facility. Several banks are part fo the syndicated transaction. About $2bn is expected to be arranged by five banks, split equally by DBS Group, First Abu Dhabi Bank, Sumitomo Mitsui Banking, Mitsubishi UFJ Financial and Mizuho Financial. The remainder would come in smaller amounts from other banks. Bloomberg notes that the negotiations indicate normalcy in its order of business after the allegations from Hindenburg in late January.
Adani companies’ dollar bonds were little changed on the news. For instance, Adani Ports’ 4.2% 2027s were trading flat at 84.36, yielding 9.1%.
For more details, click here