Adani Energy Raises $500 Million Bilateral Debt from Apollo

A unit of Adani Group raised about $500 million through a bond privately placed with funds managed by Apollo Global Management Inc., according to people familiar with the matter, highlighting the Indian conglomerate’s ongoing effort to tap funding outside the public dollar bond market.

A firm controlled by Gautam Adani-led Adani Energy Solutions Ltd. sold the 15-year private bonds with a rupee-equivalent all-inclusive cost of about 8.5%, and the company plans to use the proceeds to refinance existing dollar debt, said the people, who asked not to be identified because the information is private.