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Business Standard
6 hours ago
- Business
- Business Standard
Adani's Mumbai Airport secures $750 mn deal with Apollo-led investor group
The agreement also allows for up to $250 million in additional funding for capital expenditure and capacity expansion needs Apexa Rai New Delhi Mumbai International Airport Ltd (MIAL), a subsidiary of Adani Airports Holdings Limited (AAHL), has secured a $750 million investment from a consortium of global investors led by Apollo Global Management Inc to refinance its existing debt, in a deal that allows operational flexibility. The funds will be used to refinance a loan raised in 2022, Apollo said in a statement. The financing structure also permits up to $250 million in additional capital for infrastructure upgrades and capacity expansion. 'Working with the Adani Group, we are pleased to deliver a scaled, bespoke capital solution for MIAL, supporting a critical infrastructure asset and the next phase of its ambitious growth capex plans,' said Apollo Partner Jamshid Ehsani. 'This marks Apollo's second large financing for MIAL, having previously provided operational flexibility to deleverage and now delivering an investment grade rated solution.' Arun Bansal, CEO of AAHL, added, 'This financing provides us with greater operational flexibility and positions us to further enhance the airport experience for millions of travelers. With Apollo's continued support and the Adani Group's proven execution capabilities, we are well-positioned to realize our vision of transforming MIAL into a world-class asset with a focus on efficiency, comfort and sustainability.' According to a Bloomberg report from June, MIAL is expected to be spun off and listed by March 2027. MIAL operates the Chhatrapati Shivaji Maharaj International Airport in Mumbai, the second-largest airport in India. It is managed by Adani Airport Holdings Ltd, a unit of Adani Enterprises Ltd—the flagship firm of billionaire Gautam Adani's globally diversified Adani Group. The airport is operated through a public-private partnership in which Adani Airport Holdings holds a 74 per cent majority stake, with the Airports Authority of India(AAI) owning the remaining 26 per cent. The Adani Group, which has interests ranging from ports to renewable energy, has been working to restore lender confidence following allegations of bribery brought against it in the US last November. In May, Life Insurance Corporation of India was the sole subscriber to a record ₹5,000 crore ($585 million) 15-year bond issue by Adani Ports & Special Economic Zone Ltd. In this latest offshore fundraising round, other participating lenders reportedly include MetLife Inc, BlackRock Inc, and Hong Kong-based FWD Insurance, according to Bloomberg News. The private placement of four-year bonds with long-term institutional investors such as insurers reflects the company's broader strategy to lengthen average debt maturities.
Business Upturn
7 hours ago
- Business
- Business Upturn
Apollo Provides $750 Million High Grade Capital Solution to Mumbai International Airport Ltd. in Second Transaction
NEW YORK and MUMBAI, India, June 23, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds, affiliates and other long-term investors have completed a $750 million investment grade rated financing for the Mumbai International Airport Ltd. (MIAL), an Adani Portfolio company and subsidiary of Adani Airports Holdings Limited (AAHL), India's largest private airport operator, that operates Chhatrapati Shivaji Maharaj International Airport (CSMIA), the second largest airport in India. The 4-year senior secured notes will primarily refinance existing debt, enhancing MIAL's financial flexibility to support operations, modernization and sustainability initiatives. The structure also allows for up to $250 million in additional funding to accelerate capital expenditure and capacity expansion. The transaction represents one of the largest private investment grade rated deals in India's infrastructure sector. 'Working with the Adani Group, we are pleased to deliver a scaled, bespoke capital solution for MIAL, supporting a critical infrastructure asset and the next phase of its ambitious growth capex plans,' said Apollo Partner Jamshid Ehsani. 'This marks Apollo's second large financing for MIAL, having previously provided operational flexibility to deleverage and now delivering an investment grade rated solution.' Mr. Arun Bansal, CEO of AAHL, added, 'This financing provides us with greater operational flexibility and positions us to further enhance the airport experience for millions of travelers. With Apollo's continued support and the Adani Group's proven execution capabilities, we are well-positioned to realize our vision of transforming MIAL into a world-class asset with a focus on efficiency, comfort and sustainability.' Matt Michelini, Partner and Head of Asia-Pacific at Apollo, commented, 'As one of the fastest growing global economies, India is an attractive market for hybrid and credit financing, particularly opportunities underpinning critical, next-generation infrastructure. It is a key market for Apollo in Asia, and one where we believe we can serve as a long-term capital partner to leading companies and families.' CSMIA, a cornerstone of India's aviation infrastructure, is part of Adani Airport Holdings Limited's (AAHL) network of eight airports. AAHL is responsible for developing airport infrastructure assets across India and is a core growth vertical of the Adani group. MIAL remains committed to sustainability, aligning with the UN Sustainable Development Goals through initiatives such as transitioning to electric vehicles, enhancing energy-efficient operations, strengthening water conservation measures and accelerating efforts to achieve net zero emissions by 2029, reflecting its leadership in sustainable airport operations. Allen & Overy LLP and Cyril Amarchand Mangaldass served as legal counsel to MIAL. Milbank LLP and Khaitan & Co served as legal counsel to Apollo. About Apollo Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit . About MIAL Mumbai International Airport Ltd. (MIAL) is managed by Adani Airport Holdings Limited, a subsidiary of Adani Enterprises. MIAL operates under a Public-Private Partnership model, with AAHL holding a 74% stake and the Airports Authority of India holding 26%. MIAL is at the forefront of redefining airport infrastructure in India, with a vision to create a vibrant, integrated aerotropolis in Mumbai. Apollo Contacts Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540 [email protected]
Yahoo
10 hours ago
- Business
- Yahoo
Apollo Provides $750 Million High Grade Capital Solution to Mumbai International Airport Ltd. in Second Transaction
Investment Grade Financing Supports Critical Indian Infrastructure Asset NEW YORK and MUMBAI, India, June 23, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds, affiliates and other long-term investors have completed a $750 million investment grade rated financing for the Mumbai International Airport Ltd. (MIAL), an Adani Portfolio company and subsidiary of Adani Airports Holdings Limited (AAHL), India's largest private airport operator, that operates Chhatrapati Shivaji Maharaj International Airport (CSMIA), the second largest airport in India. The 4-year senior secured notes will primarily refinance existing debt, enhancing MIAL's financial flexibility to support operations, modernization and sustainability initiatives. The structure also allows for up to $250 million in additional funding to accelerate capital expenditure and capacity expansion. The transaction represents one of the largest private investment grade rated deals in India's infrastructure sector. 'Working with the Adani Group, we are pleased to deliver a scaled, bespoke capital solution for MIAL, supporting a critical infrastructure asset and the next phase of its ambitious growth capex plans,' said Apollo Partner Jamshid Ehsani. 'This marks Apollo's second large financing for MIAL, having previously provided operational flexibility to deleverage and now delivering an investment grade rated solution.' Mr. Arun Bansal, CEO of AAHL, added, 'This financing provides us with greater operational flexibility and positions us to further enhance the airport experience for millions of travelers. With Apollo's continued support and the Adani Group's proven execution capabilities, we are well-positioned to realize our vision of transforming MIAL into a world-class asset with a focus on efficiency, comfort and sustainability.' Matt Michelini, Partner and Head of Asia-Pacific at Apollo, commented, 'As one of the fastest growing global economies, India is an attractive market for hybrid and credit financing, particularly opportunities underpinning critical, next-generation infrastructure. It is a key market for Apollo in Asia, and one where we believe we can serve as a long-term capital partner to leading companies and families.' CSMIA, a cornerstone of India's aviation infrastructure, is part of Adani Airport Holdings Limited's (AAHL) network of eight airports. AAHL is responsible for developing airport infrastructure assets across India and is a core growth vertical of the Adani group. MIAL remains committed to sustainability, aligning with the UN Sustainable Development Goals through initiatives such as transitioning to electric vehicles, enhancing energy-efficient operations, strengthening water conservation measures and accelerating efforts to achieve net zero emissions by 2029, reflecting its leadership in sustainable airport operations. Allen & Overy LLP and Cyril Amarchand Mangaldass served as legal counsel to MIAL. Milbank LLP and Khaitan & Co served as legal counsel to Apollo. About ApolloApollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit About MIALMumbai International Airport Ltd. (MIAL) is managed by Adani Airport Holdings Limited, a subsidiary of Adani Enterprises. MIAL operates under a Public-Private Partnership model, with AAHL holding a 74% stake and the Airports Authority of India holding 26%. MIAL is at the forefront of redefining airport infrastructure in India, with a vision to create a vibrant, integrated aerotropolis in Mumbai. Apollo Contacts Noah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@ Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491Communications@
Yahoo
a day ago
- Business
- Yahoo
Apollo to invest £4.5bn in EDF's UK energy projects
Asset manager Apollo has announced that its managed affiliates, funds and strategic accounts will invest up to £4.5bn ($6.04bn) in fixed-rate callable notes issued by Électricité de France (EDF). EDF is issuing the notes as part of its €50bn Euro Medium Term Note (EMTN) programme. The proceeds from the investment will be directed primarily into financing EDF's operations in the UK, including the Hinkley Point C nuclear power station. The deal is one of the largest sterling-denominated note issuances on record. It reinforces Apollo's long-standing history with French entities, in which it has been actively investing for nearly three decades. Apollo Partner Jamshid Ehsani stated: 'Apollo is pleased to provide this bespoke, large-scale financing to EDF in support of its vital role in advancing European energy sovereignty and power infrastructure, including in the UK.' 'This landmark transaction highlights our deepening partnership with the French government and EDF and reaffirms our commitment to being a premier capital provider to leading European companies. This is the largest-ever capital funding transaction executed by EDF and the largest private credit transaction in the sterling market.' Legal aspects of the transaction were handled by Latham & Watkins and Kirkland & Ellis representing Apollo, while BNP Paribas offered financial advice and Hogan Lovells provided legal counsel to EDF. Sructuring and arrangement services for the transaction are being facilitated by Apollo Capital Solutions Europe, further strengthening their role in shaping large-scale investments within the power industry. In December 2024, the Hinkley Point C nuclear facility successfully installed the UK's first new nuclear reactor in more than 30 years. "Apollo to invest £4.5bn in EDF's UK energy projects" was originally created and published by Power Technology, a GlobalData owned brand.
