Adani Green Energy Ltd., Adani Group’s renewable arm and India's largest renewable energy company, deferred its $1.2 billion IG-rated offering to after the US elections on account of weak market conditions.
The Hybrid RG comprised 1,840 MW operational wind solar hybrid assets, with an IG rating from Fitch and Moody's ratings. This is one of the strongest credits from the Indian renewables market.
According to sources in the know, the pricing expectations of some of the other investors were higher on account of general market weakness and uncertainties surrounding the US elections. In this context, Adani Green decided to defer the bond to windows in mid-November or early January to achieve a better execution.
The deal is now expected to be executed after the US elections and is expected to be lapped up by investors on account of its attractive credit highlights.
AGEL launched the IG-rated Hybrid RG notes on Tuesday but after careful consideration, decided to defer it to post the US elections to achieve a much tighter pricing and overall outcome.
Some uncertain developments in connection with US elections has led to the deferment of the dollar bond issuance.
Adani Green felt it would not be the best outcome from overall pricing standpoint as compared to other options available immediately — onshore bonds, bank financing.
Proceeds from the proposed bond will be used to repay foreign-currency loans.
The launch has got a positive response, but the company decided to defer to better market conditions to achieve tighter pricing.
The company is considering two windows immediately after the US elections or second week of January 2025 after the New Year break.
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