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Showing posts from December, 2023

Back Back Adani Green to raise $410 million to refinance 2024 Dollar Bond?

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  Adani Green Energy Ltd. plans to raise about $410 million via new bond issuance to refinance a dollar note maturing in a roughly year’s time, according to a filing to Singapore’s stock exchange.  The refinancing plan for Adani Green’s $500 million Dec. 10, 2024 bond, dated Dec. 8, fulfills a requirement laid out in the terms of the note.  The filing marks the second of its kind in recent days by Adani Group’s solar-energy unit to unveil plans to refinance maturing dollar debt, following another blueprint for repaying a $750 million bond due next September. The finances of billionaire Gautam Adani’s empire have attracted investor attention after US short seller Hindenburg Research accused the conglomerate of corporate fraud earlier this year, allegations that the group has repeatedly denied. Adani executives have taken a variety of steps to reassure investors in the wake of Hindenburg’s January broadside, including prepaying debt and buying back bonds. Just last week, Adani Green rais

Adani's bond rebound almost erase losses incurred from Hindenburg report

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  By Finbarr Flynn, Saikat Das and Harry Suhartono A rally over the last week was powerful enough to erase some losses on a series of dollar bonds tied to the conglomerate of billionaire Gautam Adani, debt that had dropped after a short seller accused firms owned by Adani of fraud.      The jump came after the group, which strenuously denies the allegations, raised $1.4 billion for a renewables project and published an initial blueprint for refinancing a solar-energy unit’s $750 million dollar bond that matures in September.  That was enough to also add a whopping $37.5 billion in market value to the group’s listed companies, while notes of the corporation’s electricity and power transmission businesses are now within striking distance of their price level before January’s report by Hindenburg Research.  The rebound suggests the conglomerate, once termed “deeply overleveraged” by research firm CreditSights, is finding favor with investors again. The group, whose operations range from c