Adani Airports secures financing of USD 1 billion for Mumbai airport
The transaction involves issuance of USD 750 million notes which shall be used for refinancing and also includes provision to raise an additional USD 250 million
New Delhi, Jun 24 (PTI) Adani Group's airport arm has secured USD 1 billion in financing from global investors to fund construction of the Mumbai International Airport, the conglomerate said on Tuesday.
"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. PTI