Adani Ports has began a buyback programme of sure debt securities
New Delhi:
The buyback of debt securities by Adani Ports and Particular Financial Zone has eased refinancing danger and the corporate can have “ample liquidity” over the subsequent 12 months, based on S&P World Rankings.
Adani Ports, an organization of the Adani Group, yesterday introduced it has began a buyback programme of sure debt securities to partially prepay near-term loans due in 2024.
Following the announcement, the US dollar-denominated bonds issued by Adani Ports rose on Monday.
“Adani Ports and Particular Financial Zone can have ample liquidity over the subsequent 12 months and can stay versatile with capex (capital expenditure),” S&P World Rankings mentioned in a press release.
“The bond tender ought to cut back Adani Ports’s debt forward of the maturity of its $650 million 3.375 per cent senior unsecured notes in July 2024,” the scores company mentioned.
S&P mentioned it expects Adani Ports to have adequate money steadiness to repay the notes.
Adani Ports in an change submitting mentioned it has floated a young of as much as $130 million in excellent debt, because it tries to spice up investor confidence after the group’s shares had been pummelled earlier this 12 months by a US quick vendor’s report.
The Adani Group has denied all allegations by Hindenburg Analysis as “nothing however a lie” and a “calculated assault” on India, its establishments and progress story.
Shares and bonds of Adani Group have regained some misplaced floor over the previous month or so after it repaid some debt and attracted a $1.9 billion funding from boutique funding agency GQG Companions.
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