Adani aims for refinance plan in June for Green Energy bond

EXECUTIVES of the embattled Adani Group told investors in a call that they will come up with a plan to refinance Adani Green Energy’s bonds due in 2024 by the end of June, according to people familiar with the matter.

The bonds will likely be refinanced with long-term private placement notes, with a talked maturity of 15 years, said the people, who spoke to Bloomberg on the condition of anonymity. Bloomberg News reported earlier on Thursday Adani was considering privately placed bond offerings for some of its companies including Adani Green Energy. 

The Adani Group is holding calls with investors to reassure them after a report from short-seller Hindenburg Research accusing Adani of fraud triggered a selloff across the conglomerate’s assets.

The management said on the call it is seeking to cut the group’s net leverage to below three times Ebitda next year, from a current 3.2 times, the people said. The group had previously said that its companies faced no material refinancing risk and no near-term liquidity requirement.

The Adani Green Energy notes are currently quoted at around 78 cents on the dollar, according to CBBT pricing. BLOOMBERG