Adani Cement Industries has reportedly prepaid $200 million to reduce a $1 billion mezzanine loan borrowed from international banks to finance the acquisition of Holcim’s Indian businesses, according to Bloomberg news agency.
Bloomberg reported that the prepayment allows Adani to request a three-year extension on the remaining debt.
The Adani Group had borrowed $4.5 billion to pay for the acquisition of Holcim cement assets, and its shares and bonds had plummeted following accusations of wrongdoing by Hindenburg Research in late January.
Adani executives have denied the accusations, and the company has since repaid $2 billion in share-backed loans and timely repaid bond debt.
Additionally, the company received a $1.9 billion investment from GQG Partners’ Rajiv Jain. The Adani Group has been in the news for its acquisition of several high-profile businesses and its expansion in various sectors.
