MUMBAI: Four subsidiaries of India’s Adani Green Energy plan to raise funds via U.S. dollar-denominated bonds, two merchant bankers said on Tuesday.
The companies will issue bonds with a door-to-door maturity of 20 years, the bankers said.
The companies – Adani Hybrid Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer Two, Adani Hybrid Energy Jaisalmer Four and Adani Solar Energy Jaisalmer One – will collectively raise around $500 million to $1 billion, they said.
“The companies may tap the market before end of this month, once it judges the pulse of investors in upcoming roadshows,” one of the bankers said, requesting anonymity as he is not authorised to speak to media.
Adani Green did not immediately reply to a Reuters email for comment.
The issuers have appointed DBS Bank, Emirates NBD Bank, First Abu Dhabi Bank, Mizuho Securities (Singapore), MUFG Securities Asia’s Singapore branch, SMBC Nikko Securities (Hong Kong), Societe Generale and State Bank of India’s London branch, along with some others, as joint bookrunners.
These managers will arrange a series of fixed income investor meetings in Asia, the Middle East, Europe, U.K. and the U.S.
The notes are rated BBB- (EXP) by Fitch and Baa3 by Moody’s.
The proceeds would be used to refinance the subsidiaries’ existing dollar-denominated construction loans, Fitch said.
“The proposed notes will have security and protective structural features similar to the group’s existing restricted notes and will be issued in part by each of the four SPVs(special purpose vehicles),” Fitch said.
