Key Points

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