The refinancing will result in an overall cost saving of US$300 million for Adani Cement, it said. DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank acted as mandated lead arrangers and bookrunners, as well as underwriter to the transaction while Barclays Bank, Deutsche Bank AG and BNP Paribas were among the other banks in the deal.
Billionaire Gautam Adani-controlled Adani Group has completed a US$3.5 billion ($4.8 billion) funding package to refinance debt used to purchase Ambuja Cements Ltd. and ACC Ltd., in a growing sign of confidence among creditors in the conglomerate that faced a scathing short seller attack in January.
“Adani Cement, through Endeavour Trade and Investment Ltd., has entered into definitive agreements” for the facility, the company said in a statement Friday. The deal — among the top 10 biggest loans in Asia this year — was concluded with a group of 10 international banks with debt maturity of up to three years, the company said.
