Adani Group to Raise $400 Million Debt Against Australian Coal Port Assets

$400 million debt against Australian coal port assets

It was reported this Monday that billionaire Gautam Adani is planning to raise up to $400 million in debt against key Australian coal port assets, which cover a larger part of exports of fossil fuel from the Carmichael mine.

The conglomerate backed by billionaire Gautam Adani is in talks with global credit funds after Adani’s $236 billion infrastructure empire shrunk by more than three-fifths in a month.

According to the report, North Queensland Export Terminal (NQXT) will raise the funds for the group, as it is controlled by the Adani family trust.

Adani has commenced some discussions with several popular high-yield global credit funds and has so far received two indicative term sheets from the potential lenders, which include hedge fund Farallon capital, the reports stated.

Australia’s corporate regulator said it would review a short-seller report that had flagged a wide range of concerns about the Adani Group, according to a recent Reuters report.

In Australia, Adani operates the Carmichael coal mine and a related rail line, the North Queensland Export Terminal, which is a major port for Queensland coal exports, as well as a solar farm.

Adani Group is trying to kick off a charm offense with fixed-income investors in Asia starting today itself. They are doing it to win back debt investors’ faith post the fallout from US-based short seller Hindenburg Research’s allegations of accounting fraud and stock manipulation.

A dozen of global banks are ready to help in hosting the investor meetings at Singapore’s Capitol Kempinski hotel today. The second meeting will be held tomorrow-Wednesday at Hong Kong’s Barclays Plc office. This meeting will be undertaken in the presence of the group’s chief Financial Officer- Jugeshinder Singh and corporate finance head- Anupam Mishra. 

On Monday, all stocks of the Adani group, except Adani Ports, seemed to be trading in red. Adani Green has hit five percent on the lower circuit.

- Published By Team Australia News

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