Adani Group is seeking a $10bn debt raise over the next year by issuing offshore and green bonds. The Indian conglomerate aims to raise $6bn to refinance its existing high-cost borrowings with lower-cost ones and the remaining $4bn will be raised to fund future projects. This move is aimed at reducing its overall debt obligations from repayments as Adani has aggressively expanded through acquisitions across multiple industries such as renewable energy, digital services and media. Its debt burden has been a growing concern for analysts, most notably for CreditSights which takes the view that Adani “has an elevated leverage at present, and is likely to remain so in the coming years”.
Adani’s 4.25% 2036s are trading lower at 72.3 cents on the dollar, down by 0.44 points to yield 7.52%.