In a bid to refinance a $2 billion bridging loan due in May, Adani Ports and Special Economic Zone reportedly has raised $1.25 billion (Rs 6,250 crore) in non-recourse funding from a group of Australian and Asian lenders. The company will use its own funds and the new five-year loan, which was raised at around 275 basis points over swaps, to pay back the bridging loan from State Bank of India and Standard Chartered.
Associated members include Commonwealth Bank of Australia, National Australia Bank , Westpac Banking Corp Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Standard Chartered Bank and OCBC Bank while, State Bank of India was not part of the syndicate but will separately lend funds to the Adani group that will be used in the deal.
Adani Ports and Special Economic zone, a unit of the Adani group, bought the Abbot Point coal terminal in May last year for $2 billion. It followed Adani’s purchase of Linc Energy's Galilee coal project for $2.7bn in August 2010.
Company Name | CMP |
---|---|
Adani Ports &Special | 1400.70 |
JSW Infrastructure | 287.60 |
Gujarat Pipavav Port | 194.75 |
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