Adani Green Defers USD 1.2 Billion Bond Sale: Weak Market Conditions
By Rediff Money Desk, New Delhi Oct 16, 2024 14:43
Adani Green Energy Ltd has deferred its USD 1.2 billion bond offering to post US elections due to weak market conditions. The company will consider two windows for the issuance after the US elections.
New Delhi, Oct 16 (PTI) Billionaire Gautam Adani's conglomerate deferred a USD 1.2 billion bond offering to post US elections due to weak market conditions, sources said.
Units of Adani Green Energy Ltd, the conglomerate's clean-energy business, were to offer a 20-year green note on Tuesday but deferred it at the last minute.
Sources in know said Adani Green launched the IG-rated Hybrid RG notes, but after careful consideration decided to defer it to post US elections, to achieve a much tighter pricing and overall outcome.
Some uncertain developments in connection with US elections have led to the deferment of the dollar bond issuance, they said.
Adani Green felt it would not be the best outcome from overall pricing standpoint, as compared to other options available immediately i.e onshore bonds, bank financing.
Proceeds from the proposed bond will be used to repay foreign-currency loans.
The launch had got a positive response but the company decided to defer to better market conditions to achieve tighter pricing.
The company is considering two windows immediately after the US elections or second week of January 2025 after the new year break, sources said.
The Hybrid RG comprises 1,840 MW operational wind solar hybrid assets, with an IG rating from Fitch and Moody's ratings. This is one of the strongest credits from the Indian renewables market.
Units of Adani Green Energy Ltd, the conglomerate's clean-energy business, were to offer a 20-year green note on Tuesday but deferred it at the last minute.
Sources in know said Adani Green launched the IG-rated Hybrid RG notes, but after careful consideration decided to defer it to post US elections, to achieve a much tighter pricing and overall outcome.
Some uncertain developments in connection with US elections have led to the deferment of the dollar bond issuance, they said.
Adani Green felt it would not be the best outcome from overall pricing standpoint, as compared to other options available immediately i.e onshore bonds, bank financing.
Proceeds from the proposed bond will be used to repay foreign-currency loans.
The launch had got a positive response but the company decided to defer to better market conditions to achieve tighter pricing.
The company is considering two windows immediately after the US elections or second week of January 2025 after the new year break, sources said.
The Hybrid RG comprises 1,840 MW operational wind solar hybrid assets, with an IG rating from Fitch and Moody's ratings. This is one of the strongest credits from the Indian renewables market.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Standard Capital
- 1.31 ( -12.67)
- 50201174
- Srestha Finvest
- 0.82 (+ 1.23)
- 45393953
- Vodafone Idea L
- 9.29 (+ 1.86)
- 37510073
- Rajnish Wellness
- 3.31 (+ 9.97)
- 33443865
- Filatex Fashions
- 1.01 (+ 4.12)
- 30021852
MORE NEWS
Ericsson Expands R&D in India, Focuses...
Ericsson, a leading telecom gear maker, announces expansion of its R&D base in...
India's Energy Demand to Skyrocket: IEA Outlook
India's energy demand will surge by 2035, with car additions exceeding 12,000 daily...
India's Alcoholic Beverage Exports to Grow...
India's alcoholic beverage exports are projected to grow 15-20% in 2023, reaching USD...