Adani Delays Dollar Bond Sale as Investors Push Back on Deal
- The offering had been marketed to investors earlier Tuesday
- Proceeds from the sale were to repay foreign-currency loans
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Billionaire Gautam Adani’s conglomerate postponed a dollar bond offering at the last minute after some investors pushed back on the pricing, in a rare instance of a borrower delaying a deal in the final stages of marketing.
Units of Adani Green Energy Ltd., the group’s clean-energy business, had reached what’s called “final price guidance” on an offering of a 20-year green note Tuesday, with the bond set to yield 7%, according to a person familiar with the matter who asked not to be identified. But just hours later, the person said the proposed deal would no longer go ahead.