Adani Green To Raise $410 Million To Refinance 2024 Bond

(Bloomberg) -- An Adani Green Energy Ltd.-consortium plans to raise about $410 million via new bond issuance to refinance a dollar note maturing in about a year’s time, according to a filing to Singapore’s stock exchange. 

The refinancing plan for the $500 million Dec. 10, 2024 bond fulfills a requirement laid out in the terms of the note. 

Click here for more on the proposed issuance

The filing, dated Dec. 8, marks the second of its kind in recent days by Adani Group’s solar-energy unit to unveil plans to refinance maturing dollar debt, following another blueprint for repaying a $750 million bond due next September. 

The finances of billionaire Gautam Adani’s empire have attracted investor attention ever since US short seller Hindenburg Research accused the conglomerate of corporate fraud earlier this year, allegations that the group has repeatedly denied.

“We expect the debt will be refinanced by August,” S&P Global Ratings analyst Mary Anne Low wrote in a note, affirming a rating of BB- for the security. The consortium “has an acceptable refinance plan, with advanced draft financing documents and indicative timeline of major milestones of the refinancing process.” 

Adani executives have taken a variety of steps to reassure investors in the wake of Hindenburg’s January broadside, including prepaying debt and buying back bonds. Just last week, Adani Green raised a $1.4 billion loan for a renewable energy project, fueling a stock rally in the conglomerate’s units that boosted their collective market value by $23 billion.

--With assistance from Ameya Karve and Abhinav Ramnarayan.

(Updates with S&P reaction in fifth paragraph.)

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