Adani Ports plans to raise $750 mn to repay debt
Adani Ports and Special Economic Zone Ltd plans to raise $750 million through unsecured notes with a view to repay the debt of its subsidiaries.
In a regulatory filing on Wednesday, the company said that its Finance Committee has approved the issuance of the fixed-rate senior unsecured notes for raising capital.
“We are pleased to inform you that the Finance Committee of Adani Ports and Special Economic Zone Limited has approved the issuance of fixed-rate senior unsecured notes aggregating to $750 million and has approved the pricing, tenure and other terms of the Notes,” it said.
“The company intends to use the proceeds to repay its existing indebtedness and/or the indebtedness of its subsidiaries and other permissible end-uses in accordance with applicable laws including Reserve Bank of India guidelines, receipt of requisite regulatory and other approvals, and in terms of the RBI approval obtained by the company,” the filing added.
The notes are expected to be listed on the Singapore Exchange Securities Trading Ltd and the India International Exchange (IFSC) Ltd, it added.