Adani Ports to raise $750 million via offshore bonds


Mumbai: Gautam Adani-promoted Adani Ports And Special Economic Zone Ltd on Wednesday launched a $750 million offshore bonds issuance, two people aware of the development said.

“The book was opened on Wednesday morning and is expected to be closed by midnight of June 26,” said one of the persons cited above. “The bonds are priced at a mark-up of 265 basis points over the US 10 year benchmark yields,” he added.

The funds raised through the bond issuance will be used for capital expenditure, including lending to its subsidiaries for capital expenditure purposes and repaying existing debt, he added.

The company plans to use the proceeds to refinance its existing debt and also for other purposes, the banker said.

Investment banks Bank of America Merrill Lynch, Standard Chartered Bank, Citi, JP Morgan, Barclays are the bankers to the issue.

Pegged as India’s largest ports developer and operator company, the company’s net debt rose 14% to ?19,590 crore in 2018-19, against ?17,169 crore a year ago, according to Bloomberg data. Its net profit, however, rose 8% to ?3,990 crore, from ?3,674 crore crore in the same period last year.

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