Adani Green offers dollar-denominated bonds to repay overseas loans

Adani Group has appointed DBS Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, Mizuho Securities, MUFG Securities, SMBC Nikko Securities and SBI's London branch as joint bookrunners.

Adani Green Energy has revived its US dollar bond offering through two of its subsidiaries, the company informed on November 18, proposing 20-year tenor of the dollar-denominated bonds.

Units of Adani Green - Adani Hybrid Energy Jaisalmer and Adani Solar Energy Jaisalmer - are the co-issuers of the debt note. The group aims to use the proceeds of the bond issue note to repay foreign currency loans of the subsidiaries. Adani Group operates a 1,140 MW Hybrid Renewable Cluster in Rajasthan with 25-year PPAs from sovereign-rated parties.

Bloomberg News had reported citing people familiar with the development that the company is looking to raise around $600 million through the bond issuance.

Adani Group has appointed DBS Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, Mizuho Securities, MUFG Securities, SMBC Nikko Securities and SBI's London branch as joint bookrunners.

A series of investor calls are beginning from Monday, Adani Green said.

Shares of Adani Green are lower by a percent on November 18, in line with the weakness in overall market.

A month ago, it was reported that the group had postponed its dollar bond issue after some investors pushed back on the pricing.

Now, the Adani Group is coming back with the proposed fund raise at a time when US bond yields are rising after the electoral victory of President-elect Donald Trump, and the rate cuts path by the Federal Reserve seems more uncertain.

Centre has set a target of 500 GW renewable capacity by 2030, and electricity generated through renewable sources has now become the power of choice for state-run Discoms for being among the cheapest sources.