Adani Group secured a new $3.5 billion facility from global banks to refinance the debt taken for the acquisition of Ambuja Cements Ltd. and ACC Ltd.

Adani Cement, through Endeavour Trade and Investment Ltd., entered into definitive agreements for a fresh facility of $3.5 billion for refinancing the debt taken for the acquisition of cement makers, the Indian conglomerate said in a statement.

The transaction was financed by facilities from 10 international banks, with debt maturity of up to three years.

DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank acted as mandated lead arranger as well as book runners and underwriter to the transaction.

In addition, Barclays Bank, BNP Paribas, Deutsche Bank, ING Bank, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank acted as mandated lead arrangers and book runners for the transaction.

Adani Group said the development showcases its robust access to the global financial market and strong liquidity position, and this facility will result in an overall cost saving of $300 million for the Adani Cement vertical.

Cyril Amarchand Mangaldas and Latham & Watkins acted as borrower’s counsel for the financing, according to the statement. Allen & Overy LLP, Talwar Thakore and Associates acted as legal counsels to the lenders, it said.

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