Adani Green plans USD-409m bond offering

Indian renewables developer Adani Green Energy Ltd (BOM:541450), part of the Adani Group, is preparing to issue US dollar-denominated notes to raise USD 409 million (EUR 378m).

The company said in a bourse filing on Tuesday that the planned senior secured notes offering, which will be subject to market conditions, will have an 18 years door-to-door tenor and 12.7 years weighted average life. The funds will be used to redeem USD 500 million of 6.25% senior secured notes due this year.

The notes are expected to be given a BBB- rating by Fitch, the company added.

A group of lenders, including branches of Barclays Bank, Deutsche Bank, ING Bank, Intesa Sanpaolo, Societe Generale, Standard Chartered Bank, and others, have been appointed as joint bookrunners to arrange a series of fixed-income investor meetings. These will take place in Asia, the Middle East, Europe, and the US, starting on February 28.

Reuters reported that Adani Green Energy is set to become the first Adani group company to tap the overseas bond market in a year after in January 2023 a report by US short-seller Hindenburg Research triggered a sell-off in securities of Adani group companies.

(USD 1 = EUR 0.925)

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