Adani Transmission raises $310 million
MUMBAI: Adani TransmissionNSE -0.21 % has raised $310 million (around Rs 2,213 crore) through private placement of debt in the US to refinance existing borrowings, sources aware of the fund raising told ET.
According to sources close to the transaction, global investors such as Barings, Cigna, HSBC Global Asset Management and MetLife have bought the 30-year amortising debt. Covenants include the requirement of a debt service coverage ratio, cash trap, and comprehensive compliance certificates every six months.
