ADANI GROUP TO RAISE $2.5 BILLION LOAN FACLITY

ADANIGREEN The Adani Group is reportedly raising a $2.5 billion loan facility from a consortium of international banks, including MUFG, Barclays Bank and Sumitomo Mitsui Banking Corporation, to refinance debt associated with its acquisition of Ambuja Cements and ACC in 2022. The proposed financing will replace an earlier $3.5 billion refinancing package secured in October 2023 by Adani Cement through its subsidiary Endeavour Trade and Investment Ltd. The earlier facility was raised from 10 international banks to refinance the acquisition bridge loan and had maturities of up to three years. Apart from MUFG, Barclays and SMBC, the previous lending consortium included DBS Bank, First Abu Dhabi Bank, Mizuho Bank, BNP Paribas, Deutsche Bank, ING Bank and Standard Chartered. The latest refinancing initiative comes as the Adani Group continues to expand its cement business and consolidate its listed cement companies under Ambuja Cements. The refinancing move follows the resolution of key legal proceedings in the United States involving the Adani Group and its senior executives. On August 10, a New York federal court dismissed securities and wire-fraud charges against Gautam Adani, Sagar Adani and others at the request of the US Justice Department. The two executives also settled a related civil case filed by the US Securities and Exchange Commission, agreeing to pay penalties of $6 million and $12 million, respectively, without admitting or denying the allegations. Final judgments were entered in August.