India's Adani Green Energy plans to raise $409 million in US dollar-denominated notes with an 18-year door-to-door tenor, according to a regulatory filing on Tuesday.

Reuters had previously reported that Adani Green Energy planned to raise approximately $500 million by selling dollar notes in March, making it the first Adani group entity to return to the international bond market in a year.

The issue would be subject to market conditions, with the bonds having a weighted average life of around 12.7 years, according to the business. The proceeds will be utilized to refinance the $500 million 6.25 percent senior secured notes due in 2024, which were issued on June 10, 2019, according to the announcement.

The issuers have appointed Barclays, DBS Bank, Deutsche Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, MUFG Securities Asia, SMBC Nikko Securities, Societe Generale, and Standard Chartered Bank as joint bookrunners to organize a series of fixed income investor meetings in Asia, the Middle East, Europe, and the United States beginning February 28, according to the announcement.

Fitch Ratings has assigned Adani Green Energy Limited Restricted Group 1's (AGEL RG1) proposed 18-year fully amortizing senior secured notes due 2042 an anticipated rating of 'BBB-(EXP)' with a stable outlook, according to a separate announcement.

A report by US short seller Hindenburg Research in January last year triggered a sell-off in Adani group firms' equities and overseas listed bonds, causing them to exit the foreign currency bond market and buy back $315 million in listed overseas debt securities. Since then, the majority of the group's foreign bonds have returned to levels above those seen prior to the Hindenburg report, allowing the company the confidence to consider issuing new dollar notes.