Latest news with #Apollo-managed
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Business Standard
5 days ago
- Business
- Business Standard
Adani Group raises $1 billion to refinance debt for Mumbai airport
Mumbai International Airport Ltd (MIAL), a unit which operates India's second largest airport, will use the proceeds to refinance debt raised in 2022, it said in a statement Press Trust of India New Delhi Adani Group has raised USD 1 billion from global investors led by New York-based Apollo Global Management to refinance existing debt for its Mumbai airport. Mumbai International Airport Ltd (MIAL), a unit which operates India's second largest airport, will use the proceeds to refinance debt raised in 2022, it said in a statement. "The transaction involves issuance of USD 750 million notes maturing July 2029 which shall be used for refinancing. The financing structure also includes provision to raise an additional USD 250 million, resulting in total financing of USD 1 billion," the group said. This, it said, will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernisation, and capacity enhancement. The bonds will offer about 6.9 per cent over the four-year tenor. MIAL is managed by Adani Airport Holdings Ltd (AAHL), a subsidiary of group's flagship firm Adani Enterprises Ltd. AAHL holds 74 per cent stake in MIAL and the remaining 26 per cent is held by Airports Authority of India. Besides Apollo, other lenders include Metlife Inc, BlackRock Inc and Hong Kong-based FWD Insurance. "This is India's first investment grade (IG) rated private bond issuance in the airport infrastructure sector," the statement said. "The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies which included BlackRock-managed funds, Standard Chartered among others, underlining global confidence in India's infrastructure opportunity and Adani Airports' operating platform," it added. With eight airports in its management and development portfolio, AAHL is India's largest airport infrastructure company, accounting for 23 per cent of passenger footfalls and 30 per cent of India's air cargo traffic. AAHL also holds 74 per cent in Mumbai International Airport Ltd, which in turn holds 74 per cent in Navi Mumbai International Airport Ltd. Backed by MIAL's stable asset base and cash flows and operational excellence, the notes are expected to be rated BBB-or stable. "AAHL remains committed to a long-term vision of transforming the airports infrastructure through continued investments in modernisation, capacity expansion, digitisation, and technology integration. The transaction will also accelerate MIAL's sustainability agenda, supporting its goal to achieve net zero emissions by 2029," it said. This issuance follows AAHL's USD 750 million financing from a consortium of global banks. This latest transaction is yet another validation of Adani's access to diversified global capital markets and its ability to attract high-quality investors to India's next-generation infrastructure platform. Arun Bansal, CEO, Adani Airports Holdings Ltd, said, "This successful issuance validates the strength of the Adani Airports' operating platform, the robust fundamentals of Mumbai International Airport, and our commitment to sustainable infrastructure development. With participation from Apollo-managed funds and leading institutional investors, we are proud to deepen our access to global pools of capital. Our ability to secure one of the largest private investment-grade project finance issuances demonstrates our commitment to financial discipline, capital efficiency and long-term value creation." The legal advisors to the transaction included A&O Shearman and Cyril Amarchand Mangaldas for MIAL, while Milbank LLP and Khaitan & Co. were investors' counsels.
Business Standard
5 days ago
- Business
- Business Standard
Adani Airports Holdings secures USD 1 billion project finance for Mumbai International Airport
Adani Airports Holdings (AAHL), a wholly owned subsidiary of Adani Enterprises, has successfully secured USD 1 billion financing through a project finance structure for its Mumbai International Airport (MIAL). The transaction involves issuance of USD 750 million notes maturing July 2029 (Notes) which shall be used for refinancing. The financing structure also includes provision to raise an additional USD 250 million, resulting in total financing of USD 1 billion. This framework will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernization, and capacity enhancement. This is India's first investment grade (IG) rated private bond issuance in the airport infrastructure sector. The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies which included BlackRock-managed funds, Standard Chartered among others, underlining global confidence in India's Infrastructure opportunity and Adani Airports' operating platform. Backed by MIAL's stable asset base and cash flows and operational excellence, the notes are expected to be rated BBB-/stable. This issuance follows AAHL's USD 750 million financing from a consortium of global banks.
India.com
5 days ago
- Business
- India.com
Big win for Gautam Adani, secures Rs 86209869300 financing from…, to fund construction of…
The Adani Group announced on Tuesday that its airport division has secured $1 billion in funding from global investors to support the construction of the Mumbai International Airport. 'The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies which included BlackRock-managed funds, Standard Chartered among others, underlining global confidence in India's Infrastructure opportunity and Adani Airports' operating platform,' it said in a statement. Adani Airports Holdings Limited (AAHL), a wholly-owned subsidiary of Adani Enterprises Ltd and India's largest private airport operator, raised USD 1 billion through a project finance structure for its Mumbai International Airport Ltd (MIAL). The transaction involves issuance of USD 750 million notes maturing July 2029 which shall be used for refinancing. The financing structure also includes provision to raise an additional USD 250 million, resulting in total financing of USD 1 billion. 'This framework will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernisation, and capacity enhancement,' the company said in a statement. This is India's first investment grade (IG) rated private bond issuance in the airport infrastructure sector. AAHL acquired a majority stake in Mumbai International Airport Limited (MIAL) and also holds the rights to develop and modernize six other airports like Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram. Additionally, AAHL is a 74:26 joint venture partner with CIDCO in the Navi Mumbai International Airport project. (With Inputs From PTI)
India Gazette
5 days ago
- Business
- India Gazette
Adani airports secures USD 1 bn financing from global investors for Mumbai International Airport
Mumbai (Maharashtra) [India], June 24 (ANI): Adani Airports Holdings Limited (AAHL), a wholly owned subsidiary of Adani Enterprises Ltd and India's largest private airport operator, has successfully secured USD 1 billion financing through a project finance structure for its Mumbai International Airport Ltd (MIAL). According to Adani, the transaction involves the issuance of USD 750 million notes maturing July 2029 ('Notes') which shall be used for refinancing. The financing structure also includes a provision to raise an additional USD 250 million, resulting in total financing of USD 1 billion. This framework will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernisation, and capacity enhancement. This is India's first investment-grade (IG) rated private bond issuance in the airport infrastructure sector. The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies, which included BlackRock-managed funds, Standard Chartered among others, underlining global confidence in India's Infrastructure opportunity and Adani Airports' operating platform. Backed by MIAL's stable asset base and cash flows, and operational excellence, the notes are expected to be rated BBB-/stable. AAHL remains committed to a long-term vision of transforming the airport's infrastructure through continued investments in modernisation, capacity expansion, digitisation, and technology integration. The transaction will also accelerate MIAL's sustainability agenda, supporting its goal to achieve net-zero emissions by 2029. This issuance follows AAHL's USD 750 million financing from a consortium of global banks. This latest transaction is yet another validation of Adani's access to diversified global capital markets and its ability to attract high-quality investors to India's next-generation infrastructure platform. Arun Bansal, CEO, Adani Airports Holdings Ltd, said, 'This successful issuance validates the strength of the Adani Airports' operating platform, the robust fundamentals of Mumbai International Airport, and our commitment to sustainable infrastructure development. With participation from Apollo-managed funds and leading institutional investors, we are proud to deepen our access to global pools of capital.' He added, 'Our ability to secure one of the largest private investment-grade project finance issuances demonstrates our commitment to financial discipline, capital efficiency and long-term value creation.' The legal advisors to the transaction included A&O, Shearman and Cyril Amarchand Mangaldas for MIAL, while Milbank LLP and Khaitan & Co. were the investors' counsels. (ANI)
NDTV
5 days ago
- Business
- NDTV
Adani Airports Gets $1 Billion Financing For Mumbai International Airport
Mumbai International Airport Ltd, a subsidiary of Adani Airport Holdings, has secured a $750 million investment from a group led by affiliates of Apollo-managed funds and other long-term backers, the US private capital group said on Monday. The four-year unsecured notes will be used to refinance existing debt, with an option to raise an additional $250 million, Apollo said in a statement. Adani Airports Holdings, the airport division of Adani Enterprises, secured a $750 million investment earlier this month from a consortium of international banks. The unit is expected to be spun off and listed by March 2027, according to a Bloomberg report from June. Adani Airport Holdings currently operates eight airports across India and also oversees the Navi Mumbai International Airport, a strategically located project on the outskirts of Mumbai set become operational soon.
