NEW DELHI: Adani Airports Holdings Limited (AAHL) on Tuesday said it has successfully secured $1 billion financing through a project finance structure for its Mumbai International Airport Ltd (MIAL) that runs Chhatrapati Shivaji Maharaj International Airport (CSMIA).
The transaction involves the issuance of $750 million of notes maturing in July 2029 (notes), which shall be used for refinancing. The financing structure also includes a provision to raise an additional $250 million, resulting in total financing of $1 billion. “This framework will provide enhanced financial flexibility for the capital expenditure programme of MIAL for development, modernisation, and capacity enhancement,” said AAHL, a wholly owned subsidiary of Adani Enterprises and India’s largest private airport operator.
“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,” the statement said.
AAHL CEO Arun Bansal 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.
“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.” This issuance follows AAHL’s $750 million financing from a consortium of global banks.
The transaction involves the issuance of $750 million of notes maturing in July 2029 (notes), which shall be used for refinancing. The financing structure also includes a provision to raise an additional $250 million, resulting in total financing of $1 billion. “This framework will provide enhanced financial flexibility for the capital expenditure programme of MIAL for development, modernisation, and capacity enhancement,” said AAHL, a wholly owned subsidiary of Adani Enterprises and India’s largest private airport operator.
“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,” the statement said.
AAHL CEO Arun Bansal 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.
“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.” This issuance follows AAHL’s $750 million financing from a consortium of global banks.
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