RattanIndia Power secures refinancing of senior debt with Rs 1,114 Cr transaction
RattanIndia Power Ltd. announced that it has refinanced its senior debt in a Rs 1,114 crores transaction led by Kotak Mahindra Bank. RattanIndia Power Ltd. had earlier concluded a resolution with erstwhile lenders for 1,350 MW Amravati Thermal Power Plant in December 2019, whereby the loans from Indian banks and financial institutions were taken over by international financial institutions including Goldman Sachs and Varde Partners through Aditya Birla ARC alongwith 15% equity stake each to both sets of lenders (outgoing and incoming).
Since the earlier resolution of December 2019, RattanIndia Power Ltd. has repaid an amount of Rs. 3,371 crores over last three and a half years to these international financial institutions out of which Rs. 988 crores was prepayment. RattanIndia Power Ltd. has raised fresh loan of Rs. 1,114 Crores in a transaction led by Kotak Mahindra Bank and has fully repaid the balance senior debt to these foreign financial institutions.
Company’s operational performance remains strong with average EBITDA exceeding Rs. 1,000 Crores per annum since commissioning over the last 8 years. 1,350 MW Amravati Power Plant has full PPA with Maharashtra discom MSEDCL and full coal linkage with Coal India subsidiary South Eastern Coalfields Limited.
Rajiv Rattan, Chairman of RattanIndia Power said, “Amravati Power Plant has been consistently performing for the last 8 years with robust cash flows. The refinance transaction is a strong testimony to its excellent operating performance.”
