Adani Power Plans to Increase Loan Facility 50% to $750 Million
Adani Power Ltd. (ADANI), part of India’s Adani group of companies chaired by billionaire Gautam Adani, plans to increase its dollar loan facility by 50 percent to $750 million.
“We are trying to upsize the deal to $750 million and there is commitment from other banks,” Adani Power Chief Financial Officer, Prabal Banerji, said in an e-mailed reply to questions today. He didn’t identify which banks were joining the $250 million syndication.
The $500 million loan, which matures in 2018, was signed on Sept. 27, according to data compiled by Bloomberg. The term facility was arranged by Bank of India (BOI), Deutsche Bank AG (DBK), Royal Bank of Scotland Group Plc, State Bank of India (SBIN) and Standard Chartered Plc., the data show.
This facility pays a margin of 330 basis points more than the London interbank offered rate, Banerji said today. “This indicates lenders’ confidence in us,” he said.
To contact the reporters on this story: Anurag Joshi in Mumbai at firstname.lastname@example.org