 "Adani Green Ltd")
Adani Green Energy on Monday informed the stock exchanges it had a cash-backed redemption plan ready for its $750 million Holdco bond, which is due in eight months from now, in September.
The company said the redemption plan included $169 million in reserve accounts and internal accruals, $300 million from the 1,050 megawatt joint venture transaction closed with TotalEnergies in December, and $281 million as proceeds from an initial tranche of a promoter preferential allotment, announced last month.
The proceeds from the preferential allotment are expected by the end of the month and will be deposited in the Senior Debt Redemption Account (SDRA) of Holdco Notes, the company said.
The company has debts worth Rs 22,942 crore, up for repayment and refinancing. That as of now is the largest in the annual schedule up to FY33, according to its post-earnings presentation released in November. The $750 million Holdco bond, the RG 1 bond of Rs 4,152 crore, and a construction facility of Rs 15,331 crore are part of the Rs 22,942 crore due in FY25, according to the presentation.
An email query sent to Adani Green Energy on Monday, requesting a comment on the debt repayment for FY25, remained unanswered at the time of writing this report.
In a July-September 2023 earnings interaction with fixed-income investors, the company was asked for clarity on the timeline for the redemption plan of two US-dollar denominated bonds — the Holdco bond and the RG 1 bond.
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“For your two US dollar bonds, you have between 9 and 12 months before maturity, to present a refinancing plan. I believe the earliest timeline is, 8th December,” an analyst asked on the call, transcripts for the same uploaded on the company website shows.
For the RG 1 bond, worth Rs 4,152 crore, the company’s management then said it would be refinanced through a long-tenor US PP (private placement) instrument, for which “discussions are currently in a very, very advanced stage”.
