Representational image only.
| Photo Credit: Reuters

Adani Cement, through Endeavour Trade and Investment Limited, has announced the completion of its refinancing programme for acquisition of debt taken for Ambuja and ACC, through a $3.5 billion financing package, raised from a clutch of international banks. 

“This facility will result in an overall cost saving of $300 million for the Adani Cement vertical,“ Adani Group said in a statement. Adani Family had acquired Ambuja Cement & ACC in a $6.6 billion deal last year.

 “The $3.5 billion facility marks the continued execution of the capital management plan outlined in September 2022 that will see step wise planned deleveraging of Adani Cement. With cement vertical Net Debt to EBITDA now under 2x,” the statement said.

The transaction was financed by facilities aggregating to have $3.5 billion 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.