Adani looks at Pimco, BlackRock, Blackstone for potential private bond placement

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People who know about the situation say that Adani Group executives met with US investors from BlackRock Inc., Blackstone Inc., and Pacific Investment Management Co. as part of its plans to sell privately placed bonds for some of its group companies.

People who did not want to be named because they were not allowed to talk about it said that the conglomerate run by billionaire Gautam Adani wants to use this method to raise up to $1 billion in two parts this year.

When Bloomberg asked an Adani Group representative for a comment, the person did not respond right away. A representative for Pimco declined to comment. Representatives from BlackRock and Blackstone did not answer requests for comment right away.

The meetings were part of a global roadshow that went to US cities like New York, Boston, Los Angeles, and San Francisco. Adani is trying to show international investors that the finances of its ports-to-power empire are in good shape. After a short seller’s report in January, the market value of company stocks dropped by as much as $153 billion.

Bloomberg said for the first time in February that at least three of Adani Group’s group companies might offer private bonds.

People say that documentation work is likely to start in April and that the group hopes to launch the first batch by September. They said that the first payment could be around $450 million. People said that the privately placed debt papers would have long terms of between 10 and 20 years, and that the coupon rate could be around 8%.

People say that Adani Transmission and Adani Green, two of the group companies, may sell the proposed bonds.

Hindenburg Research’s short seller report said that stocks were being manipulated and that accounting fraud was going on. Adani has said that the claims are false.

Source: Team CurrencyVeda