New Delhi: Flagship of Adani Airport Mumbai International Airport Ltd (MIAL) has raised $750 million from an Apollo-managed credit fund, which will be used to refinance existing debt and meet new capital expenditure requirements. This is the Phase I capital management plan of Adani Airport Holdings Limited (AAHL), a company incubated by Adani Enterprises Ltd. (AEL), with the recently announced financial closure of the Navy Mumbai Airport,
AAHL says it will continue to diversify its sources of financing through access to different pools of capital.
“We are pleased to work with Adani to provide a comprehensive, long-term capital solution for Mumbai International Airport, a mission-critical infrastructure asset in India. In the midst of significant market volatility, our ability to commit to the entire transaction and take a long-term view reflects some of the key strengths of Apollo’s global credit platform and permanent capital base,” said Brigitte Posch, Apollo Partner and global leader in emerging market lending.
Prakash Tulsiani, CEO, MIAL said: “We are poised to transform Mumbai Airport from a functional transit point into a vibrant, full-fledged business, hospitality and leisure ecosystem for Mumbaikars and the region. With the proven pace of execution of the Adani portfolio “The proceeds of this issuance will allow us to accelerate the transformation of MIAL and deliver immense value to our stakeholders in the post-pandemic period and thereby improve the consumer experience.”
MIAL, which owns and operates Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) and will build the Navi Mumbai airport, has raised a $750 million senior secured private placement note from an Apollo-managed credit fund.
“Apollo’s credit business was able to provide a scalable, long-term capital solution for MIAL, with 7.25-years of most earnings, existing low-maturity debt and $750 million notes used to refinance new capital expenditures. MIAL is a coveted asset within AAHL’s expanded airport infrastructure portfolio and the marquee private placement is the largest ever placement in India, the Adani Group said in a statement.
CSMIA is a part of the airport network of eight airport properties under the AAHL. MIAL also holds 74% stake in Navi Mumbai International Airport Limited (NMIAL). Recently, NMIAL had announced financial closure of the entire loan requirement of Rs 12,770 crore with SBI.
AAHL says it will continue to diversify its sources of financing through access to different pools of capital.
“We are pleased to work with Adani to provide a comprehensive, long-term capital solution for Mumbai International Airport, a mission-critical infrastructure asset in India. In the midst of significant market volatility, our ability to commit to the entire transaction and take a long-term view reflects some of the key strengths of Apollo’s global credit platform and permanent capital base,” said Brigitte Posch, Apollo Partner and global leader in emerging market lending.
Prakash Tulsiani, CEO, MIAL said: “We are poised to transform Mumbai Airport from a functional transit point into a vibrant, full-fledged business, hospitality and leisure ecosystem for Mumbaikars and the region. With the proven pace of execution of the Adani portfolio “The proceeds of this issuance will allow us to accelerate the transformation of MIAL and deliver immense value to our stakeholders in the post-pandemic period and thereby improve the consumer experience.”
MIAL, which owns and operates Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) and will build the Navi Mumbai airport, has raised a $750 million senior secured private placement note from an Apollo-managed credit fund.
“Apollo’s credit business was able to provide a scalable, long-term capital solution for MIAL, with 7.25-years of most earnings, existing low-maturity debt and $750 million notes used to refinance new capital expenditures. MIAL is a coveted asset within AAHL’s expanded airport infrastructure portfolio and the marquee private placement is the largest ever placement in India, the Adani Group said in a statement.
CSMIA is a part of the airport network of eight airport properties under the AAHL. MIAL also holds 74% stake in Navi Mumbai International Airport Limited (NMIAL). Recently, NMIAL had announced financial closure of the entire loan requirement of Rs 12,770 crore with SBI.