Adani Group in Talks to Repay $500 Million Bridge Loan for Cement Stake Buy
India’s Adani Group is reportedly in discussions with lenders to repay a $500 million bridge loan facility used to acquire controlling stakes in cement companies ACC Ltd and Ambuja Cements Ltd last year.
According to the Economic Times, the group plans to use cash to pay off the loan this month. The loan had a tenor of six months and was part of a larger $5.25 billion financing package.
Barclays, Deutsche Bank, and Standard Chartered underwrote the loan. The group’s lenders also include DBS, MUFG, Sumitomo Mitsui Banking Corp, First Abu Dhabi Bank, Intesa, and Mizuho. Adani and the lenders have not yet commented on the matter.
The news comes a day after the Adani Group stated that its companies face no significant refinancing risk or liquidity issues in an effort to calm investors. This follows a critical report on the group’s business practices by a US short-seller that spooked investors.
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