Mining giant sells debt
ADANI has restructured the debt on the Abbot Point coal terminal.
Korean media has reported that Mirae Asset Daewoo Co bought the entire $330 million senior debt.
Adani bought the port in 2011 for about $2 billion and it was recently assessed at $2.3 billion, according to the Korean reports.
The company had been searching since last year for a buyer of its debt and was weighed down by perceptions that its Galilee Basin coal project would not go ahead, leading to concerns about the viability of the port.
The deal is seen as a significant win for the company which has faced years of legal and political roadblocks.
Korean reports said the senior secured loan, sold to refinance debt of the coal terminal in Australia, was expected to offer five per cent range annual returns for a seven-year investment period.
Abbot Point coal terminal is operated by Adani Abbot Point Terminal Pty Ltd.
India’s Adani Group bought a 99-year lease for the terminal from the Queensland government in 2011.