 "Adani Transmission follows port business to offshore bond market")
Adani Transmission India is looking to raise around $1 billion through a debut offshore bond offering, according to sources familiar with the matter.
The power transmission company is waiting for Adani Port and Special Economic Zone to issue its planned 144A/Reg S notes before coming to the international bond markets.
Adani Ports, India's largest private developer and operator of ports and related infrastructure, had mandated Bank of America Merrill Lynch, Barclays, Citigroup, and Emirates NBD Capital as joint bookrunners and lead managers for the US benchmark debut. Those bonds are expected to be rated Baa3/BBB-/BBB-.
Adani Transmission has not yet hired banks to manage its proposed deal.