| An Adani Group bond jumped the most on record on Thursday after executives told investors they will address upcoming debt maturities, including by potentially offering private placement notes and using cash from operations.
Adani’s management has been on a mission to reassure investors about the health of the group’s finances.The debt will likely be refinanced with long-term private placement notes, with a potential maturity of 15 years, said the people, who requested anonymity. Earlier reports said Adani was considering privately placed bond offerings for some of its companies, including Adani Green Energy.
The management said on the call it is seeking to cut the group’s ratio of net debt to earnings before interest, taxes, depreciation and amortisation to below three times next year, from currently 3.2 times, the people said. The group had previously said that its companies faced no material refinancing risk and had no near-term liquidity requirements.
The cost of capital is a crucial aspect for the conglomerate, whose business interests range from ports to renewable energy. The Adani Group is a frequent issuer that in recent years has tapped the international markets to raise more than $US8 billion worth of US-dollar denominated bonds. It also took out at least as much as that in foreign-currency loans, data shows.
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