Adani Green's Subsidiaries Set to Issue Dollar Bonds, Say Bankers

09 Oct 2024 CW Team

Four subsidiaries of Adani Green Energy, based in India, are planning to raise funds through U.S. dollar-denominated bonds, as indicated by two merchant bankers on Tuesday. The bonds will have a maturity period of 20 years, according to the bankers. The subsidiaries involved are Adani Hybrid Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer Two, Adani Hybrid Energy Jaisalmer Four, and Adani Solar Energy Jaisalmer One, with plans to collectively raise between $500 million and $1 billion.

One banker, who preferred to remain anonymous due to restrictions on media communication, mentioned that the companies might enter the market before the end of the month, pending an assessment of investor interest during upcoming roadshows. Adani Green has not responded to requests for comment from Reuters.

The issuers have appointed various banks, including DBS Bank, Emirates NBD Bank, First Abu Dhabi Bank, Mizuho Securities (Singapore), MUFG Securities Asia's Singapore branch, SMBC Nikko Securities (Hong Kong), Societe Generale, and the State Bank of India's London branch, as joint bookrunners. These banks will coordinate a series of investor meetings across Asia, the Middle East, Europe, the U.K., and the U.S.

The bonds are rated BBB- (EXP) by Fitch and Baa3 by Moody's. The proceeds from this bond issuance are intended to refinance the subsidiaries' existing dollar-denominated construction loans. Fitch noted that the proposed notes would feature security and protective structures akin to those of the group's current restricted notes, with each of the four special purpose vehicles (SPVs) participating in the issuance.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..