International banks support Adani’s Ambuja-ACC acquisition debt
Ahmedabad-headquartered Adani Cement, through Endeavour Trade and Investment Ltd, has completed refinancing program for acquisition debt taken for Ambuja and ACC, through a US$3.5 billion financing package, raised from a clutch of international banks.
This facility will result in an overall cost saving of ~ US$300 million for the Adani Cement vertical.
The transaction was financed by 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.
Cyril Amarchand Mangaldas, Latham and Watkins acted as Borrower’s counsel for the financing with Allen & Overy LLP, Talwar Thakore and Associates acting as legal counsels to the lenders.
Adani Cement is the second largest cement player in India, with the US$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 Sept 2022.
Currently, Ambuja Cements and ACC have a combined installed production capacity of 67 MTPA to conclusively mover to 100 MTPA by 2025 with the announced acquisition of Sanghi Cement. Fiinews.com