Tag: $750 million

Adani Green Energy lists $750 million green bonds

Banking & Finance

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Adani Green Energy listed its maiden $750 million green bonds with three-year maturity at a coupon rate of 4.375 per cent. The bonds were rated ‘Ba3 (stable)’ by Moody’s and garnered huge investor interest across the globe.

These bonds have been listed on India INX’s GSM Green platform which is the exchange’s dedicated platform for listing green, social, sustainable and all such ESG-flavoured bonds.

V Balasubramaniam, Managing Director, India INX said the criteria for issuance is aligned with global standards established by ICMA’s Green Bond Principles and Climate Bonds Initiative.

India INX’s Global Securities Market offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. Till date, Global Securities Market has established over $55 billion in MTN programmes and over $31 billion of bonds issued. As on August 2021, the market share of India INX stood at 83 per cent.

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Adani Ports raises $750 million through long tenor bonds

Banking & Finance

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Adani Ports and Special Economic Zone (APSEZ) has raised $750 million through senior unsecured US dollar notes with 20-year and 10.5-year tranches at a fixed coupon of 5 per cent and 3.8 per cent respectively.

With the long tenor bond issue in developed markets, APSEZ has elongated the debt maturity to over 7 years from 6 years. APSEZ’s natural hedge through its foreign currency earnings allows the company to manage its foreign currency exposure. This issuance has also reconfigured the ratio of APSEZ’s debt from overseas investors from 69 per cent to 73 per cent.

“The issuance reflects the confidence international financial markets have in the fundamentals of the Adani Group’s business model and its ability to execute,” Karan Adani, CEO and Whole Time Director of APSEZ, said.

“It further demonstrates APSEZ’s ability to mobilise global resources commensurate with its long asset life and is a part of the firm’s capital management program to lock lower interest rates over an extended tenor and extend debt maturity,” he stated adding that the reduced cost of capital will translate into greater capital efficiency as well as enhanced shareholder returns.

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