Executives of the Adani Group informed investors in a call that they are seeking to cut the group’s net debt to below three times EBITDA next year, from a current 3.2 times. To repay debt, the group is considering refinancing with long-term private placement notes with a potential maturity of 15 years. The management also said that $390 million of debt coming due over the next 12 months at the Adani Transmission Step-One Ltd will be repaid using cash from operations. The Adani Green Energy notes are currently quoted at around 86 cents on the dollar, having jumped by about eight points following the refinancing news from the call.
Today: December 4, 2023