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Adani group's $2-bn bonds due for repayment in 2024
The Adani group, whose mostly debt-fueled breakneck expansion saw gross debt doubling in four years, has almost $2 billion worth of foreign-currency bonds coming up for repayment in 2024, according to a presentation the conglomerate made to investors.
New Delhi: The Adani group, whose mostly debt-fueled breakneck expansion saw gross debt doubling in four years, has almost $2 billion worth of foreign-currency bonds coming up for repayment in 2024, according to a presentation the conglomerate made to investors.
The apples-to-airport conglomerate borrowed over $10 billion in foreign currency bonds between July 2015 and 2022 across group companies. Of this, $1.15 billion of bonds matured in 2020 and 2022.
There are no maturities in 2023 but three issuances - $650 million by the ports arm APSEZ and two of renewable energy unit Adani Green Energy Ltd ($750 million and $500 million - are due for payment in 2024. Adani group management, including group chief financial officer Jugeshinder Singh, last month held roadshows in Singapore and Hong Kong to reassure investors that the company's finances are under control. These are to be extended to Dubai, London and the US from March 7 to 15.
Executives told investors they will address upcoming debt maturities including by potentially offering private placement notes and using cash from operations.
