MUMBAI (Reuters) – India’s Adani Green Energy is seeking to elevate $409 million through U.S. dollar-denominated bonds with a door-to-door tenor of 18 years, the corporate stated in a regulatory submitting on Tuesday.

Reuters had earlier reported that Adani Green Energy was seeking to elevate round $500 million by issuing greenback bonds in March, making it the primary Adani group firm to return to the abroad bond market in a yr.

The concern can be topic to market situations and the weighted common lifetime of the bonds may very well be round 12.7 years, the corporate stated.

The proceeds from the problem shall be used to refinance the $500 million value 6.25% senior secured notes due in 2024 which have been issued on June. 10, 2019, the discharge added.

The issuers have appointed Barclays, DBS Bank, Deutsche Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, MUFG Securities Asia, SMBC Nikko Securities, Societe Generale and Standard Chartered Bank as joint bookrunners to rearrange a sequence of fastened revenue investor conferences in Asia, the Middle East, Europe and the United States beginning Feb. 28, it stated.

Fitch Ratings has assigned Adani Green Energy Limited Restricted Group 1’s (AGEL RG1) proposed 18-year absolutely amortising senior secured notes due 2042 an anticipated score of ‘BBB-(EXP)’ with a secure outlook, the company stated in a separate launch.

A report by U.S. quick vendor Hindenburg Research in January final yr had led to a sell-off in shares and abroad listed bonds of Adani group firms, forcing them to retreat from the international foreign money bond market and buyback $315 million of listed abroad debt securities.

Since then, many of the group’s international bonds are again above the degrees they traded at earlier than the Hindenburg report, giving the corporate consolation to take a look at a contemporary concern of greenback bonds.

(Reporting by Swati Bhat; modifying by Miral Fahmy)