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Adani airport arm eyes $750 million loan from global banks: report
The loan is reportedly expected to have a tenor of under five years, though specific terms are still being finalized and may be subject to change
The Adani Group is in negotiations with a consortium of international banks to obtain an offshore loan of up to $750 million for its airport business, Bloomberg reported citing individuals familiar with the matter.
Barclays Plc, First Abu Dhabi Bank PJSC, and Standard Chartered Bank Plc are among the lenders involved in the talks, the report said. Once secure, the funds will be used to support capital expenditure and repay dollar-denominated debt maturing in September, people in the know told Bloomberg.
The financing effort is being led by Adani Airport Holdings Ltd., which operates seven major airports across India.
The company is also preparing to open a new $2 billion international airport near Mumbai. The loan is reportedly expected to have a tenor of under five years, though specific terms are still being finalized and may be subject to change.
This comes after a recent offshore bond issuance by the Adani Group earlier in April, through which it raised about $750 million. In that transaction, BlackRock Inc. acquired about one-third of the bond offering, and proceeds were allocated toward the acquisition of a construction company.
Adani Airport Holdings aims to complete the current debt raise by early May, Bloomberg reported.
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