Last year, Gautam Adani has prepared a mega plan to refinance the loan taken to buy ACC Limited and Ambuja Cement. Adani Group is preparing to add at least five new international banks. If experts are to be believed, in this consortium of lenders, Adani's existing lenders including Standard Chartered, Barclays and Deutsche Bank will participate in this round of refinance. Along with this, Gautam Adani has started talking to two Taiwanese and one Malaysian bank besides other banks to expand this consortium. There will be talk on increasing the tenure of whose payment for three years.
No statement yet
If experts are to be believed, the meeting with the lenders is currently underway and the group is targeting to enter into a loan agreement with the consortium in mid-July. No statement has come out from Adani Group and no statement has been given by Standard Chartered, Barclays and Deutsche Bank. Adani last year took a loan of $ 3.8 billion for different tenures to buy cement companies. The time to repay whom is now getting closer. For this reason, efforts are being made to persuade the banks.
Why banks have to be added
At present, all the lenders of the group are showing cooperation in renegotiating the loan terms, but these banks have been asked to add more lenders to the consortium to avoid concentration risk. Because of which the credit credibility of the group will get a boost. The first repayment installment of all these loans is to be given in February 2024.
This news came earlier
On March 28, it was reported that the Adani Group wanted to renegotiate the terms of the outstanding loan of around $4 billion taken in August last year to buy its cement assets – ACC and Ambuja Cements – from Switzerland-based Holcim Group. . The report also said that the group is planning to increase the tenure of its $3 billion bridge loan from the current 18 months to five years.
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