Adani Group Seeks $600 Million Offshore Loan for Refinancing

Adani Group According to sources familiar with the matter, the conglomerate is securing an offshore loan of approximately $600 million to refinance existing debt.

Details of the Adani Group Loan: 

The loan will be raised by Dhamra LNG Terminal Pvt., a Adani Total Pvt. subsidiary, and is expected to have a tenor ranging from three to five years. The pricing of the debt is likely to be related to the Secured Overnight Financing Rate (SOFR).

Adani Group is discussing the transaction with several lenders, including Credit Agricole, DBS Bank Ltd., BNP Paribas, Mitsubishi UFJ Financial Group Inc., and Mizuho Bank Ltd. The borrowing process is expected to be concluded within the next two months.

At the time of reporting, Adani Group had not responded to Bloomberg’s requests for comment.

Investor Confidence and Recent Developments by Adani Group: 

Despite facing scrutiny from US short-seller Hindenburg Research last year, the firm has regained investor confidence. The group witnessed strong demand for its first public bond sale in March following the short seller crisis.

Adani Total and Government Initiatives: 

Adani Total, a joint venture between Adani and TotalEnergies, is strategically positioned amid government efforts to increase India’s LNG import capacity. Prime Minister Narendra Modi’s administration aims to raise natural gas’s share of the country’s energy mix to 15% by 2030 as part of initiatives to reduce reliance on coal and oil.

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