Today, Adani Ports and Special Economic Zone Ltd. had decided to raise more than up to $750 million through its offshore bond offerings. It is going to be the third and largest offshore bond deal offered by an Indian company after the disruption in global markets due to Covid-19 pandemic.
The Adani Ports bond sale comes after the SB Energy, a SoftBank backed Indian renewable company which raised $600 million through bond offerings in the mid-July and, an agrochemicals major, UPL Ltd. raised $500 million in June and the same amount of fund is raised by State-owned, REC Ltd. in May.
Bank of America, Citigroup Global Markets and Barclay are among others investment bankers that are advising Adani Ports on the bond sale. According to the terms mentioned in the deal, the capital raised by Adani Ports through seven-year bond will be matured at a rate of 4.2% in 2027.
The raised capital will be used to repay the existing loans of Adani Ports and, its subsidiaries including Krishnapatnam Port Co Ltd. debt which was acquired in January. Later in June 2019, Adani Ports has followed up its bond sale to raise $750 million with a buyback offer of $650 million for bonds maturing in 2020.
Adani Ports to Raise $750 Mn via its Offshore Bond Offerings
