Adani’s Australian port firm to raise $1.2 bn to cut debt

To reduce its debt burden, Adani Abbot Point Terminal Pty Ltd, which owns a coal terminal in Australia, is planning to raise $1.2 billion through multiple debt instruments to refinance the port companyÂ’s borrowings. The port company, owned by Adani Group, has a debt of nearly $2 billion.

Sources in the company said the documentation of this debt issuance is at the final stages. The entire process is done out of Australia, the person said.

In June 2011, Adani Ports (then Mundra Port and SEZ Ltd), acquired Abbot Point Coal Terminal at Queensland in Australia for nearly $2 billion from the State of Queensland. Adani Ports renamed the terminal Adani Abbot Point Terminal.