Mumbai, March 11 -- Adani Transmission Step-One Limited (ATSOL), a wholly-owned subsidiary of listed Adani Energy Solutions Limited, has raised $500 million by issuing dollar-denominated bonds, a portion of which could be privately placed with Apollo Global Management, according to two people in the know.
The capital will be used to refinance $500 million of ATSOL bonds that are maturing in early August. ATSOL had issued these bonds in 2016 with a 4% coupon, according to data from Bloomberg.
In January, ATSOL's senior secured bond ratings of Baa3 was affirmed by Moody's and its outlook was changed to stable from negative. This rating is in line with the American credit evaluator's India's sovereign rating and is the lowest tier in the i...
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