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Adani Electricity announces buyback of $120M senior secured notes
The Business Guardian
|November 15, 2023
Adani Electricity Mumbai a subsidiary of Adani Energy Solutions, has revealed its intention to repurchase a portion of its outstanding senior secured notes valued at USD 120 million, which are due in 2030.
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In a statement released on Monday, the company stated, "Adani Electricity Mumbai Limited, the distribution arm of Adani Energy Solutions Ltd, has formally announced a tender offer to buy back up to USD 120 million of its outstanding 3.949 per cent USD 1,000 million senior secured notes due in 2030.
The tender offer is being fully funded through its cash surplus and internal accruals and will help reduce the leverage of the company in line with the Adani portfolio companies to consistently improve financial matrices, it said.
The company will from time to time carry out similar market actions all the way to the maturity of the bonds subject to market conditions, using the available liquidity of the company.
Such market action will enhance investor confidence and support in improving current dislocation of the yield curve due to external parameters (including high interest rate environment), it said.
The buyback programme will not only stabilize the yields of its outstanding bonds but also provide a superior outcome - both to bond investors as well as shareholders.
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