Wednesday, April 24, 2024
Google search engine
HomeNewsAdani group to refinance ACC, Ambuja Cement debt of $3.5 billion

Adani group to refinance ACC, Ambuja Cement debt of $3.5 billion


The is in talks with several foreign banks to refinance $3.5 billion of bridge loans taken for the acquisition of and this year.

The loans were taken by the Mauritius-based promoter entity Endeavour Trade and Investment, a special purpose vehicle that acquired Ambuja Cement’s stake from Swiss cement major Holcim in an all-cash transaction of $6.5 billion. The tenure of the refinanced loans will be extended to five years. Adani currently holds 63.15 per cent stake in and 56.69 per cent in (of which 50.05 per cent stake is held through Ambuja Cement).

Soon after taking over the in September, the promoters agreed to infuse an additional Rs 20,000 crore into the company to double its capacity. and have a combined installed production capacity of 67.5 million tonnes per annum.

Bankers said the earlier Holcim stake acquisition transaction was financed by facilities aggregating to $4.5 billion availed from 14 international banks — reflecting the confidence of foreign banks on Indian .

PLC, Deutsche Bank AG, and had acted as the original mandated lead arrangers and bookrunners to the Holcim transaction. In addition, BNP Paribas, Citibank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo S.p.A, Mizuho Bank, Sumitomo Mitsui Banking Corporation, and Qatar National Bank acted as mandated lead arrangers for the transaction.

An spokesperson did not comment on the refinancing.

(With inputs from Bloomberg)


Source link

- Advertisment -
Google search engine

Most Popular

Recent Comments