Adani Group met with investors in Singapore, promoting an international bond for the first time since surviving a meltdown sparked by short seller Hindenburg Research a year earlier.
On Wednesday, an executive arrived in a black van at an office tower overlooking the city state's Marina Bay, the first stop on a tour of worldwide financial hubs to entice buyers for approximately $409 million in new debt. Hong Kong is on the agenda on Thursday.
Hindenburg's accusations of fraud and malfeasance, published in early 2023 and repeatedly denied by the company, initially hampered Indian billionaire Gautam Adani's sprawling conglomerate's fundraising efforts and raised concerns that it would have to pay a premium when borrowing funds again.
However, the empire, which operates everything from ports to airports, data centers, and solar parks, has recently raised additional equity money and reduced debt. Last year, Adani successfully concluded a $3.5 billion debt restructuring deal and stated that it had secured the funds to repay its $750 million security due in September.
The debt is being sold to Singapore investors as having an 18-year tenor, with funds set aside to redeem $500 million in notes expiring in December. The directive, which was published earlier this week, lists renewables unit Adani Green Energy Ltd. as well as other group companies.
Fitch Ratings anticipates the new notes to be rated BBB-, which is at the lower end of investment grade. That is still greater than the notes they are replacing, which have a tenor of only five years.
