ATGL enters into financing framework, to raise $ 375 mn in initial round

City-gas provider Adani Total Gas (ATGL) on Friday said it has entered into an overall financing framework to secure its future funding needs, which includes initial financing of $315 million.

The company said the maiden financing of $375 million executed with international lenders includes an initial commitment of $315 million with an accordion feature to enhance the commitments.

ATGL listed BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation as the five international lenders participating in the initial financing.

The Adani group company said the facility will fast-track the capital expenditure programme, enabling ATGL to rapidly expand its city gas distribution (CGD) network into its 34 authorised geographical areas (GAs) across 13 states.

Parag Parikh, chief financial officer (CFO) for the company, said, “This financing framework will drive ATGL’s sustained growth and will be a stepping stone for future financing based on its capital management plan, which will create long-term value for all our stakeholders.”