Adani raises $3.5bn to refinance cement debt

Adani group has raised $3.5-billion from 10 global banks to refinance debt used to purchase Ambuja Cements and ACC, in a sign that the company is moving past the Hindenburg crisis. The refinancing will result in an overall cost saving of $300 million for Adani Cement, a company statement said.
“Adani Cement, through Endeavour Trade and Investment, has entered into definitive agreements” for the facility, the company said in a statement. The deal among the top 10 biggest loans in Asia this year was concluded with a group of 10 international banks with debt maturity of up to 3 years, the company said.
Endeavour was incorporated by Adani group for its acquisition of Ambuja and ACC from the Holcim group for $6.6 billion in 2022. The Gautam Adani-led group’s statement said that the completion of the refinancing underscores its ability to access the global financial market and highlights its strong financial position.
The $3.5-billion facility is a part of Adani Cement’s strategic capital management plan, which was outlined in September 2022.