(Adds bond price moves)
By Xie Yu
HONG KONG, Feb 16 (Reuters) - Adani Green Energy has a refinancing plan which the Indian company will
disclose after the fiscal year ends, an executive of the
embattled Adani group told bondholders on a call on Thursday,
two sources with direct knowledge of the matter said.
Adani Group had hired banks to arrange calls with bond
investors after it was caught up in a short-selling storm in
recent weeks.
One of its subsidiaries, Adani Green Energy Limited
Restricted Group, will refinance existing bonds through a
15-year amortizing private placement, the executive said,
according to the sources.
Adani did not immediately respond to a comment request.
Adani Green Energy bonds due in 2024 and offering a 4.375%
coupon jumped on Thursday to 84.5 cents on the
dollar from 75 a day earlier, according to Tradeweb data.
Other Adani Green Energy debt securities also posted gains.
Seven listed companies of the conglomerate have together
lost about $120 billion in market value since a Jan. 24 report
by Hindenburg Research alleged the conglomerate improperly used
offshore tax havens and manipulated stock, and flagged concerns
over its high debt levels.
Adani has rejected the concerns and denied any wrongdoing.
Dollar bonds that Adani firms issued have dropped sharply in
value over the past few weeks although they have pared back some
losses in recent days.
Rating agencies S&P Global and Moody's this month revised
their outlooks to negative from stable for some of the group's
companies.
In a bid to calm investors, the conglomerate said earlier
this week its companies faced no material refinancing risk or
near-term liquidity issues.
(Reporting by Xie Yu, Aditya Kalra; writing by Davide
Barbuscia; Editing by Josie Kao)
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