Adani sells Abbot Point debt
ADANI has restructured the debt on the Abbot Point coal terminal in north Queensland.
Korean media have 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 been going 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.
There had also been reports that Adani was looking at other options after failing to find a buyer for its debt.
Korean reports said the senior secured loan, sold to refinance debt of the coal terminal in Australia, was expected to offer 5 per cent range annual returns for a seven-year investment period.
Mirae Asset is reselling the debt to domestic institutional investors such as insurance companies.
Abbot Point coal terminal is operated by Adani Abbot Point Terminal Pty Ltd. after India's Adani Group purchased a 99-year lease for the terminal from the Queensland government in 2011.