Adani Ports Bond Buyback Eases Refinancing Risk, Ensures Liquidity: S&P Global Ratings

Adani Ports and Economic Zone, a company of the Adani Group, yesterday announced it has started a buyback programme of certain debt securities to partly prepay near-term loans due in 2024.

The buyback of debt securities by Adani Ports and Special Economic Zone has eased refinancing risk and the company will have "adequate liquidity" over the next 12 months, according to S&P Global Ratings.

Adani Ports, a company of the Adani Group, yesterday announced it has started a buyback programme of certain debt securities to partly prepay near-term loans due in 2024.

Following the announcement, the US dollar-denominated bonds issued by Adani Ports rose on Monday.

"Adani Ports and Special Economic Zone will have adequate liquidity over the next 12 months and will remain flexible with capex (capital expenditure)," S&P Global Ratings said in a statement.