India’s Adani Transmission to price 10-year dollar-denominated notes

By Angela McDaniels

Tacoma, Wash., July 26 – Adani Transmission Ltd. plans to price 10-year dollar-denominated fixed-rate senior secured notes (Baa3/BBB-/BBB-), according to a letter written to BSE Ltd. and National Stock Exchange of India Ltd.

The company will hold a roadshow outside of India for the Rule 144A and Regulation S deal.

The joint lead managers and bookrunners are Barclays, DBS Bank Ltd., Standard Chartered Bank, Emirates NBD Capital, MUFG, Nomura and SG CIB. Barclays, DBS and Standard Chartered are acting as joint global coordinators.

Proceeds will be used to refinance debt and for general corporate and working capital purposes.

The notes will feature a change-of-control put option, a ring-fenced obligor group and covenants that include maintaining a debt service coverage ratio above 1.1 to 1.0 and restrictions on transactions with affiliates. Structural protections for noteholders will include an operating account waterfall and a senior debt redemption account with a cash sweep mechanism.

The company also announced plans to sell Rs. 5 billion of 9.1% senior secured notes due 2021 payable in dollars through Credit Suisse AG, Singapore Branch, which will purchase the notes (provisional Baa3//) and then sell them through a private placement offer to investors outside India and the United States.

Adani Transmission is an electric power transmission company based in Ahmedabad, India.

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