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Thursday, April 18, 2024

The Adani Group meets in Singapore to launch its first dollar bond

<p>The Adani Group met with investors in Singapore for the first time since the Hindenburg crisis. Prior to the sale of new bonds, the company marketed an offshore bond to increase investor trust in its operations.</p>
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<p>An official from Adani Group arrived in Singapore on Wednesday, the first leg of a tour of global financial centres aimed at luring buyers for around $409 million of fresh debt. We’re going to Hong Kong on Thursday.</p>
<p>According to the reports, the roadshows are an attempt to allay investor concerns about the company’s capacity to pay down its debt by means of strategic asset monetization plans, operational effectiveness, and careful financial planning. They also aim to dispel any residual doubts about the company’s ability to handle its debt.</p>
<p>Investors in Singapore are being offered a loan with an 18-year tenor that will be used to repay $500 million in notes that mature in December. The mandate, which was released earlier this week, includes a list of group firms as well as the renewables company Adani Green Energy Ltd.</p>
<p>The Adani Group is anticipated to discuss its development ambitions for a number of sectors, such as renewable energy, ports, airports, and infrastructure, during these meetings.</p>
<p>According to regulatory filings, the business reportedly informed investors that it is constructing a liquidity pool of cash and cash equivalents in order to pay back $750 million in holding company bonds for Adani Green that were issued in 2019 and are scheduled to mature in September of the following year.</p>
<p>Additionally, it promised to pay the $650 million bond tranche of Adani Ports and Special Economic Zones in cash by July; of that amount, $325 million has already been paid this year.</p>
<p>Since January, the firm has made a number of statements indicating that it would invest around Rs 2.5 lakh crore in different industries.</p>
<p>The new bonds are anticipated to be rated by Fitch Ratings at the lower end of investment grade, or BBB-. That’s still more than the notes they’re swapping out, which only lasted for five years.</p>

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