Adani Cement, on Friday, mentioned it has refinanced $3.5 billion mortgage it had taken for the acquisition of ACC and Ambuja Cement, regardless of the latest allegations in opposition to the Adani Group, together with accounting fraud and inventory worth manipulation.
“The re-financing program of $3.5 billion has been concluded with a clutch of worldwide banks with debt maturity of as much as 3 years, testifies the robust help and entry to capital, supplementing the stable capital prudency adopted in any respect portfolio firms,” the corporate mentioned in a press release.
As many as 10 worldwide banks, together with DBS, First Abu Dhabi Financial institution and Mizuho Financial institution, refinanced the power, the agency mentioned. Barclays Financial institution PLC, BNP Paribas, Deutsche Financial institution AG, ING Financial institution, Sumitomo Mitsui Banking Company and Customary Chartered Financial institution acted as Mandated Lead Arrangers and bookrunners for the transaction.
“This showcases Adani’s sturdy entry to the worldwide monetary market and powerful liquidity place. This achievement displays our dedication to monetary stability and progress.”
The refinance will result in value saving of $300 million, the corporate mentioned.
“The $3.5 billion facility marks the continued execution of the capital administration plan outlined in September 2022 that can see step sensible deliberate deleveraging of Adani Cement, with cement vertical internet debt to EBITDA now underneath 2x,” the corporate mentioned.
Adani Cement plans to extend its cement manufacturing capability to 100 million tonnes per yr by 2025 from 67 million tonnes per yr presently.
