Adani reliant on A$330m private loan for Australia coal port
Indian conglomerate Adani Group has signed an around A$330-million ($207-million) private credit loan for its coal port unit located in Australia’s Northern Queensland, Bloomberg reports.
Direct lender King Street Capital Management is one of the two lenders providing Adani’s North Queensland Export Terminal Pty. the loan, with proceeds to refinance debt due in June, according to the people, who asked not to be named discussing private matters. Asset manager Sona Asset Management is the other financier of the six-year facility, one of the people familiar said.
Representatives from Adani, North Queensland Export Terminal, and King Street didn’t immediately respond to emails seeking comment. Sona Asset declined to comment.
The ability for Adani to secure new debt demonstrates that it is recovering from a fallout after the US indicted Gautam Adani over a bribery plot in November. The conglomerate’s stocks and bonds have largely recovered in value, after steep falls.
