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Adani Green Energy to redeem 6¼% bonds due 2024 at 100.506
By Mary-Katherine Stinson
Lexington, Ky., March 7 – Adani Green Energy (UP) Ltd., together with Parampujya Solar Energy Private Ltd. and Prayatna Developers Private Ltd., announced the redemption price for their previously announced redemption of their outstanding 6¼% bonds due Dec. 10, 2024 (ISINs: US00654AAA43, XS1854172043), according to a notice.
The notes will be redeemed at 100.506 on March 13. Specifically, this breaks down into a redemption at par plus a premium of $5.06 per $1,000 principal amount of the notes, making the total redemption price $1,005.06 per $1,000 of notes.
Accrued interest will total $8,072,917.
Therefore, the total redemption amount to be paid is $510,601,717.
As previously reported, 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.
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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