Adani Green Energy Limited (AGEL) has announced a plan to fully redeem its $750 million bond due in September to help bolster investor confidence following recent market challenges through a filing on the exchanges on Friday. The outstanding amounts of these notes will be entirely secured through cash balances set aside in various reserve accounts, providing full security eight months ahead of the maturity date.
The company had initially begun planning to repay $750 million 4.375 notes, due on September 9, 2024 (Holdco Notes), in September 2023, as earlier reported by Business Standard. At the time, it said that the bond’s underwriters would provide a funding letter for $675 million and listed $75.47 million in restricted reserves.
