Adani Green Energy Announces Redemption Plan for USD 750 Million Holdco Notes
The company has ensured that the outstanding amounts of these notes are fully secured through cash balances set aside in various reserve accounts.
January 09, 2024. By Abha Rustagi
The company has ensured that the outstanding amounts of these notes are fully secured through cash balances set aside in various reserve accounts, a remarkable eight months before the maturity date.
The redemption plan encompasses multiple sources, including amounts in reserve accounts and internal accruals totaling USD 169 million, covering the Debt Service Reserve Account, Hedge Reserves, and Interest on Reserve Account.
Furthermore, AGEL has leveraged the successful closure of the TotalEnergies 1,050 MW Joint Venture, contributing USD 300 million, with the funds already residing in the Senior Debt Redemption Account (SDRA) of the Holdco notes.
Adding to the financial strategy, AGEL anticipates approximately USD 281 million from the initial tranche of the Promoter Preferential Allotment, expected by the end of January 2024. This amount, equivalent to INR 2,338 crores, will be deposited into the SDRA of the Holdco notes, completing the total amount of USD 750 million.
This proactive approach not only ensures the full security of the Holdco Notes but also signifies AGEL's commitment to deleveraging through equity proceeds.
The company has successfully raised USD 1.425 billion through its equity capital raise program, comprising USD 1.125 billion from preferential issuance by promoters and an additional USD 300 million from the TotalEnergies Joint Venture.
This achievement reflects the strong interest of long-term investors and strategic partners, highlighting AGEL's dedication to meeting its strategic priorities, including the ambitious target of reaching 45 GW by 2030.
please contact: contact@energetica-india.net.
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