Adani Ports Bond Buyback Eases Refinancing Threat, Ensures Liquidity: S&P World Scores


Adani Ports initiates buyback program of sure debt securities

New Delhi:

In keeping with S&P World Scores, the repurchase of debt securities by Adani Ports and the Particular Financial Zone has mitigated refinancing threat and the corporate may have “sufficient liquidity” over the following 12 months.

Adani Ports, an Adani Group firm, introduced yesterday that it has initiated a buyback program of sure debt securities to partially prepay near-term debt due in 2024.

US greenback denominated bonds issued by Adani Ports gained floor on Monday following the announcement.

“Adani Ports and Particular Financial Zone may have ample liquidity over the following 12 months and stay versatile with capex (capital expenditure),” S&P World Scores stated in an announcement.

“The bond tender ought to cut back Adani Ports’ debt earlier than the maturity of the $650 million 3.375 per cent senior unsecured notes in July 2024,” the score company stated.

S&P stated it expects Adani Ports to have enough money balances to repay the observe.

Adani Ports in an change submitting stated it has tendered as much as $130 million in excellent debt because it seeks to spice up investor confidence after the group was hit by a US brief vendor report earlier this yr. The shares had been dropped.

Adani Group has termed all of the allegations of Hindenburg Analysis as “nothing however lies” and a “systematic assault” on India, its establishments and development story.

Adani Group shares and bonds have recovered some misplaced floor over the previous month after paying off some debt and attracting $1.9 billion in funding from boutique funding agency GQG Companions.

(Disclaimer: New Delhi Tv is a subsidiary of AMG Media Networks Restricted, an Adani Group firm.)

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