New Delhi, Jul 16 (PTI) Adani Ports and Special Economic Zone Tuesday said it will raise up to USD 650 million by issuing unsecured notes.

"The Finance Committee of Adani Ports and Special Economic Zone Ltd has approved the issuance of fixed rate senior unsecured notes aggregating to USD 650,000,000 and has approved the pricing, tenure and other terms of the notes," it said in a regulatory filing.

The company intends to use the proceeds of the issue of notes, together with cash on hand of the company, to fund the tender offer and to redeem for cash any and all of its senior notes due 2020.

If the tender offer and the redemption are not completed for any reason, the net proceeds of the issue of notes will be used by the company to refinance the existing indebtedness of the company as borrowed under the external commercial borrowing guidelines and/or other existing indebtedness with RBI approval, it added.

The company is proposing a tender offer to redeem any and all of its outstanding USD 650 million 3.50 per cent senior notes due 2020, it added.

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