Indian miner Adani Enterprises Ltd. urgently injected over A$100 million into its Australian unit Adani Abbot Point Terminal Pty. Ltd., after its efforts to refinance its debt obligations were hindered due to the coronavirus pandemic, the Australian Financial Review reported April 15.

Adani Abbot Point Terminal, or AAPT, outlined plans to repay A$100 million of debt, which is due in May, by April 17, the report added, citing an Adani spokesperson.

"We are repaying A$100 million of debt on our Abbot Point coal export terminal in North Queensland this month," the spokesperson said, according to the report. "We have postponed refinancing debt maturities due late this year and next year due to prevailing market conditions. These debt facilities were placed more than six years ago," the spokesperson added.

The funding injection came a few days after AAPT's ownership was transferred to an unlisted Singaporean company owned by the Adani family for A$130.6 million, according to the report, citing filings with the Australian Securities and Investments Commission.

AAPT's struggle in refinancing the A$100 million debt resulted in the market value of the unit's bonds due in 2022 plummeting about 30% over the previous month, the Australian Financial Review reported.

The Australian subsidiary has A$170 million in debt obligations due in November, US$140 million due in September 2021, and US$500 million to be paid by December 2022.

Adani postponed its attempts to refinance the additional A$1.1 billion debt that AAPT is due to pay back within the next 32 months.

In March, S&P Global Ratings downgraded AAPT to BB+, or less than adequate, from "neutral" after the postponement of its debt refinancing.

AAPT generates its revenue from port service sales to coal exporters, including mining giants BHP Group and Glencore PLC.

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