Ind-Ra assigns AA+ ratings to Adani Transmission’s NCDs

India Ratings and Research (Ind-Ra) has assigned Adani Transmission’s Rs 330 crore non-convertible debentures and Rs 200 crore senior term loan a final long-term ‘IND AA+’ stable rating.

The NCD of Rs 330 crore issued in May 2016, contains Rs 165 crore of zero-couponbonds and Rs 165 crore of coupon-payingbonds. The entire NCD issuance would mature in May 2020. Total realisation from the NCD is Rs 277 crore. The term loan of Rs 200 crore has a 15-year amortisation period. According to the company, the entire proceeds have been utilised to replace loans in its operating subsidiaries.

ATL is a holding company, created to house the transmission assets of Adani group. ATL holds two operating step-down subsidiaries, namely Adani Transmission India (ATIL) and Maharashtra Eastern Grid Power Transmission Company (MEGPTCL). ATIL holds three transmission assets, which are Mundra-Dehgam (400kV double circuit – 430km), Mundra-Mohindergarh-Bhiwani (500kV high voltage double circuit – 990km) and Tiroda – Warora (400kV double circuit – 219km). MEGPTCL holds Tiroda-Aurangabad transmission asset (765kV single circuit – 1,185km and 765/400kV sub-stations). All the assets under ATIL and MEGPTCL are operational. Consolidated results for 9MFY16 are in line with base case expectations.

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