Adani Transmission on Tuesday said its six wholly-owned subsidiaries have raised USD 90 million through US dollar-denominated bonds in the second tranche, completing the USD 400 million fund-raising from the US market.
The first tranche of USD 310 million was secured in January 2020, followed by USD 90 million in March 2020, the company said in a release.
"Adani Transmission Ltd (ATL), has circled up its US Private placement transaction of USD notes to the eligible International Investors," the statement said.
The USD notes carry fixed coupon over the tenor of notes. These instruments have an amortizing structure matching the concession period and revenue profile of the Issuer companies.
This is the first time that an Indian company has circled up the transaction for its proposed US private placement in over a decade, the company claimed.
Anil Sardana, MD & CEO, Adani Transmission said, We are delighted to raise these funds from our US stakeholders. This will help us mitigateinterest rate risk in our TBCB (tariff-based competitive bidding) projects for almost the entire concession period.
"Further, we aim to expand our network to meet the growing demands of theT&D sector in India. The funds will enable us to support efforts toward scalinginfrastructure and improving electrification and bridging the gap between thesupply and demand for power, with emphasis on connecting green supplysources to consumption networks," he added.
The placement is a strong endorsement of global investors' confidence in ATL as a value creator and leader in the powersector, contributing to long-term sustainable growth, the company noted.
Barclays and Bank of America acted as the financial advisors in securing thedeal.
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