Adani raises $1.25-bn refinancing loan

Written by Reuters | Sydney | Updated: Mar 31 2012, 06:30am hrs
Adani Ports and Special Economic Zone (APSEZ) has raised $1.25 billion in non-recourse funding from a group of Australian and Asian lenders to help refinance a $2-billion bridging loan due in May, sources said on Friday.

The Adani Group will use its own funds and the new five-year loan, which was raised at around 275 basis points over swaps, to pay back the bridging loan from State Bank of India (SBI) and Standard Chartered, said the sources, who declined to be named as the matter is still confidential.

An external spokeswoman for Adani Group declined comment.