New Delhi : Adani Green Limited, a company of Gautam Adani's Adani Group, has postponed the issue of dollar bonds till the US elections in view of the weak condition of the US market. Let us tell you that some sources have informed that Adani Group has postponed its 1.2 billion US dollar bond offer till a certain time.
Adani Green Energy Limited's green energy business units were scheduled to launch green bonds with a tenure of 20 years on Tuesday, but it was postponed at the last moment. Adani Green introduced IG-rated hybrid RG bonds but after careful consideration postponed it till after the US presidential elections, sources in the know said. The company has decided to postpone it till the elections to get better pricing and overall results from the bond.
deferred dollar bonds
Sources said the dollar bond has been postponed in view of some uncertain developments related to the US presidential elections. According to sources, Adani Green felt that launching a dollar bond would not be the best outcome in terms of overall pricing compared to other immediately available options such as onshore bonds, bank financing.
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Got positive feedback
The proceeds from the proposed bond are going to be used to repay the foreign currency loan. This bond offering had received positive feedback, but the company has decided to postpone it till better market conditions to get a stronger price.
IG rating received from Fitch and Moody's
Sources said the company is considering the possibility of launching it in the second week of January 2025, immediately after the US elections or after the New Year holiday. Hybrid RG comprises 1,840 MW capacity of wind-solar hybrid assets which have received IG ratings from Fitch and Moody's. This is one of the strongest ratings in the Indian renewable energy market. Let us inform you that at present the process related to the Presidential elections is going on in America, for which preparations are going on in full swing in this country.
(with agency input)
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