Adani Cement refinances USD 3.5 billion from 10 international banks

Adani Cement, through Endeavour Trade and Investment Ltd, has announced the successful completion of its refinancing program for acquisition debt taken for Ambuja and ACC, through a USD 3,500 million financing package, raised from a clutch of international banks. This showcases Adani’s robust access to the global financial market and strong liquidity position. This achievement reflects their commitment to financial stability and growth. This facility will result in an overall cost saving of ~ USD 300 million for the Adani Cement vertical.

Adani Cement is the second largest cement player in India, with the USD 6.6 billion acquisition of Ambuja and ACC (two of the storied brands of India) completed by the Adani cement, the largest acquisition in infrastructure and materials space concluded in Sep 22. The USD 3.5 billion facility marks the continued execution of the capital management plan outlined in Sep 2022 that will see step wise planned deleveraging of Adani Cement. With cement vertical Net Debt to EBITDA now under 2x.

The transaction was financed by facilities aggregating to have USD 3,500 million from 10 international banks. DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank acted as Mandated Lead Arranger and Bookrunners and Underwriter to the transaction. In addition, Barclays Bank PLC, BNP Paribas, Deutsche Bank AG, ING Bank, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank acted as Mandated Lead Arrangers and Bookrunners for the transaction.