Adani Green Lays Out Plan To Repay $750-Million Bond
The bullet payment is due on Sept. 8, 2024, and the company was to provide a refinance plan by Dec. 7, 2023.
Adani Green Energy has laid out its initial plan to repay its $750 million bond due in September 2024.
The company will redeem the notes in full by the due date, it said in a filing to the Singapore stock exchange. The bond’s underwriters will provide a funding letter for $675 million. The filing also lists $75.47 million in restricted reserves.
Adani Green Energy raised $750 million in September 2021 via three-year bullet senior secured debt. The funds were acquired to fund capital expenditure of some of the underlying under-construction projects.
As per the terms of the notes, the bullet payment is due on Sept. 8, 2024, and the company was to provide a refinance plan by Dec. 7, 2023.
The Repayment Plan
Adani Green Energy plans to prepay the dollar note worth $ 750 million on the due date.
The company currently has restricted cash reserves equivalent to $75.47 million. Based on the dollar-rupee movement from the hedge date till Nov. 22, the company expects an additional hedge reserve of $51.24 million.
Total funds required for the repayment stand at $623.29 million.
Adani Green “shall deposit all the equity transaction proceeds and upstreaming of underlying distributable surplus” to build up the repayment amount, it said. The filing didn’t specify what the funding letter will contain or where the equity transaction proceeds will come from.
Earlier this week, Adani Green also raised a $1.4 billion loan for a renewable energy project, triggering a stock rally in the conglomerate’s units that boosted their collective market value by $23 billion.
The loan was acquired for a renewables energy park in Gujarat.
Shares of the company were trading 1.73% lower at 10.41 a.m. compared with a 0.28% rise in benchmark Nifty 50.
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