Adani Enterprises on Wednesday informed that Mumbai International Airport Limited (MIAL), which owns and operates Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, India’s second largest airport, has raised 750 from Apollo-managed credit. million dollar senior secured private placement notes. Funds.
The proceeds from the issue of the note will be used to refinance existing debt and to meet the issuer’s capital expenditure requirements in accordance with applicable laws.
“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 has been the largest ever completed in India,” the Adani Group firm announced in an exchange filing.
The company said the transaction coincides with the first phase of Adani Airport Holdings Limited’s (AAHL) capital management plan as well as the financial closure of the Navi Mumbai airport recently announced.
Allen & Owari and Cyril Amarchand Mangaldas acted as legal advisors to MIAL for the issuance, while Linklaters and Talwar Thakor & Associates acted as legal advisors to Apollo.