Adani Group raises $3.5 billion to refinance debt

MUMBAI: The Adani Group stated on Friday that it has refinanced a part of the debt taken for the acquisition of Ambuja Cements and ACC by means of a $3.5 billion financing bundle raised from a clutch of worldwide banks.

The mortgage could have a tenor of three years and can end in an curiosity price saving of round $300 million, the Adani Group stated, with out disclosing the phrases of the settlement. This comes at a time when rates of interest have considerably gone up globally following charge hikes by the US Federal Reserve.

The transaction is being financed by a consortium of 10 worldwide banks together with DBS Financial institution, First Abu Dhabi Financial institution, Mizuho Financial institution and MUFG Financial institution. Different banks within the consortium embrace Barclays Financial institution PLC, BNP Paribas, Deutsche Financial institution, ING Financial institution, Sumitomo Mitsui Banking Company and Normal Chartered.

“This showcases Adani’s strong entry to the worldwide monetary market and robust liquidity place. This achievement displays our dedication to monetary stability and progress,” the Adani Group stated in a press release.

ET first reported on March 28 that the Adani Group was searching for to renegotiate the phrases of acquisition financing of ACC and Ambuja Cements.

The promoters of the Adani Group had borrowed $5.25 billion to fund the $6.6 billion acquisition of the cement firms from Holcim in August final yr.

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