Adani Ports plans to raise $750 million
The company intends to use the proceeds to repay its existing indebtedness
Adani Ports and Special Economic Zone (APSEZ) said it will raise $750 million (over Rs 5,610 crore) to fund its capital expenditure requirements and to retire some of its debt.
'The Finance Committee of Adani Ports and Special Economic Zone has approved the issuance of fixed rate senior unsecured notes aggregating to USD 750 million and has approved the pricing, tenure and other terms of the Notes,' billionaire Gautam Adani-led company said in a regulatory filing to the BSE.
The filing further noted that 'the company intends to use the proceeds to repay its existing indebtedness and/or the indebtedness of its subsidiaries and other permissible end uses in accordance with applicable laws including Reserve Bank of India guidelines, receipt of requisite regulatory and other approvals, and in terms of the RBI approval obtained by the company'.
The notes are expected to be listed on the Singapore Exchange Securities Trading and the India International Exchange (IFSC), it added.
Interest on the Notes is payable at 4.20% per annum, payable semi-annually on February 4 and August 4 of each year, commencing from February 4, 2021, it said adding settlement date for the notes is August 4, 2020, and maturity date – August 4, 2027.