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MUMBAI: 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 on Friday. 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.
“Adani Cement, through Endeavour Trade and Investment, has entered into definitive agreements” for the facility, the company said in a statement on Friday. 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.
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