Adani Green Energy conditionally calls 6¼% bonds due 2024

By William Gullotti

Buffalo, N.Y., Feb. 27 – Adani Green Energy (UP) Ltd., together with Parampujya Solar Energy Private Ltd. and Prayatna Developers Private Ltd., gave a conditional redemption notice to holders of their outstanding 6¼% bonds due Dec. 10, 2024 (ISINs: US00654AAA43, XS1854172043) on Monday.

The issuers expect to redeem the bonds on or around March 12 at par plus an applicable premium, which will be calculated five business days earlier.

The redemption is conditioned upon the issuers’ completion of a secured senior note offering totaling no less than $409 million. The issuers may delay or waive this condition entirely.

Citicorp International Ltd. is the trustee for the bonds, which were issued on June 10, 2019 and totaled $500 million.

As previously reported, the issuers released a term sheet in December with the intent to issue $410 million of fixed-rate medium-term notes, with a tenor of 18 years, to refinance the 6¼% bonds.

Adani is a renewable energy company based in Ahmedabad, India.

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