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Adani Ports Withdraws Loan Agreement with US Agency; Adani Green Said to Refinance $1.1bn Loan
December 12, 2024
Adani Ports and Special Economic Zone withdrew its financing agreement struck in November 2023 with US agency International Development Finance Corporation (IDFC). The loan agreement for $553mn was struck in order to develop a Colombo West International Terminal project, a deep-water container facility at the Port of Colombo. This withdrawal of the agreement comes in light of the allegations and indictment hovering over the group and senior executives over the last two weeks. Following the indictment, the IDFC said that it had not disbursed the loan amount yet. Adani Ports said that the project will now be funded through internal accruals and capital management exercises.
Separately, the Adani Group is said to have initiated talks with certain investors and banks to refinance $1.1bn in loans of Adani Green Energy Ltd. (AGEL), as per sources. The loans are repayable in March 2025 and the group is said to have spoken to domestic financial institutions as well as investors from Europe, Japan and Western Asia for a private placement deal.
Adani companies’ dollar bonds were trading weaker. Adani Ports’ 3.828% 2032s were down 1.1 points to 78.8, yielding 7.8% and Adani Green’s 6.7% 2042s were lower by 0.3 points to 85.2, yielding 8.8%.
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