In a BSE filing, APSEZ said "it has priced a Rule 144A/Regulation S offering of USD 650 million 3.50 senior unsecured notes due 2020."
Adani Ports and Special Economic Zone Ltd (APSEZ) today raised USD 650 million (around Rs 4,100 crore) via its debut dollar bond issue and the proceeds will be used to refinance foreign currency denominated debts and fund capital expenditure.
In a BSE filing, APSEZ said “it has priced a Rule 144A/Regulation S offering of USD 650 million 3.50 senior unsecured notes due 2020.”
It further said: “The use of proceeds is to refinance foreign currency denominated external commercial borrowings and fund capital expenditure.”
Commenting on the fund raise, Adani Group Chairman Gautam Adani said: “This important milestone provides us access to financing markets for creating new liquidity pools which will help in lowering our long term borrowing costs.”
The five-year bonds will yield around 195 basis points over the US treasury note, the company said.
The bond offering is expected to close on July 29 subject to customary closing conditions.
The issue was delayed due to global stock market volatility following the Greek crisis and fall in Chinese stock market early this month.
Barclays Bank Plc, Citigroup Global Markets Inc, Emirates NBD PJSC, Merrill Lynch International and SBICap (Singapore) Ltd acted as joint bookrunners and joint lead managers on the transaction.
The company’s shares were trading at Rs 330.65 apiece, up 1.88 per cent from their previous close on the BSE.