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Business Standard
24-06-2025
- Business
- Business Standard
Adani Group raises $1 billion to refinance debt for Mumbai airport
Mumbai International Airport Ltd (MIAL), a unit which operates India's second largest airport, will use the proceeds to refinance debt raised in 2022, it said in a statement Press Trust of India New Delhi Adani Group has raised USD 1 billion from global investors led by New York-based Apollo Global Management to refinance existing debt for its Mumbai airport. Mumbai International Airport Ltd (MIAL), a unit which operates India's second largest airport, will use the proceeds to refinance debt raised in 2022, it said in a statement. "The transaction involves issuance of USD 750 million notes maturing July 2029 which shall be used for refinancing. The financing structure also includes provision to raise an additional USD 250 million, resulting in total financing of USD 1 billion," the group said. This, it said, will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernisation, and capacity enhancement. The bonds will offer about 6.9 per cent over the four-year tenor. MIAL is managed by Adani Airport Holdings Ltd (AAHL), a subsidiary of group's flagship firm Adani Enterprises Ltd. AAHL holds 74 per cent stake in MIAL and the remaining 26 per cent is held by Airports Authority of India. Besides Apollo, other lenders include Metlife Inc, BlackRock Inc and Hong Kong-based FWD Insurance. "This is India's first investment grade (IG) rated private bond issuance in the airport infrastructure sector," the statement said. "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," it added. With eight airports in its management and development portfolio, AAHL is India's largest airport infrastructure company, accounting for 23 per cent of passenger footfalls and 30 per cent of India's air cargo traffic. AAHL also holds 74 per cent in Mumbai International Airport Ltd, which in turn holds 74 per cent in Navi Mumbai International Airport Ltd. Backed by MIAL's stable asset base and cash flows and operational excellence, the notes are expected to be rated BBB-or stable. "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," it said. 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. 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.
NDTV
24-06-2025
- Business
- NDTV
Adani Airports Gets $1 Billion Financing For Mumbai International Airport
Mumbai International Airport Ltd, a subsidiary of Adani Airport Holdings, has secured a $750 million investment from a group led by affiliates of Apollo-managed funds and other long-term backers, the US private capital group said on Monday. The four-year unsecured notes will be used to refinance existing debt, with an option to raise an additional $250 million, Apollo said in a statement. Adani Airports Holdings, the airport division of Adani Enterprises, secured a $750 million investment earlier this month from a consortium of international banks. The unit is expected to be spun off and listed by March 2027, according to a Bloomberg report from June. Adani Airport Holdings currently operates eight airports across India and also oversees the Navi Mumbai International Airport, a strategically located project on the outskirts of Mumbai set become operational soon.
Mint
24-06-2025
- Business
- Mint
Adani Airports Holdings Limited secures USD 1 Billion financing
Adani Airports Holdings Limited (AAHL) successfully secured $1 billion financing through a project finance structure for its Mumbai International Airport Ltd (MIAL). AAHL is a wholly owned subsidiary of Adani Enterprises Ltd and India's largest private airport operator. MIAL is a subsidiary of Adani Airport Holdings. As per the statement, Mumbai International Airport Ltd secured a $750 million investment from a group led by affiliates of Apollo-managed funds and other long-term backers. According to Adani, the transaction involves the issuance of $750 million notes maturing 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 is said to be 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 $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," Bansal said, 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. Adani Airport Holdings currently operates eight airports across India and also oversees the Navi Mumbai International Airport, a strategically located project on the outskirts of Mumbai set become operational soon.
Business Recorder
24-06-2025
- Business
- Business Recorder
Adani's Mumbai Airport inks $750 million deal with Apollo-led investor group
Mumbai International Airport Ltd, a subsidiary of Adani Airport Holdings, has secured a $750 million investment from a group led by affiliates of Apollo-managed funds, and other long-term backers, the U.S. private capital group said on Monday. The four-year unsecured notes will be used to refinance existing debt, with an option to raise an additional $250 million, Apollo said in a statement. Adani Airports Holdings, the airport division of Adani Enterprises, secured a $750 million investment earlier this month from a consortium of international banks. The unit is expected to be spun off and listed by March 2027, according to a Bloomberg report from June. India's Adani Group in talks with sovereign funds to raise $2.6bn, Business Standard reports Adani Airport Holdings currently operates eight airports across India and also oversees the Navi Mumbai International Airport, a strategically located project on the outskirts of Mumbai set become operational soon. Adani Airport Holdings and Adani Enterprises did not immediately respond to requests for comment outside of business hours.
New Straits Times
24-06-2025
- Business
- New Straits Times
Adani's Mumbai Airport inks US$750mil deal with Apollo-led investor group
KUALA LUMPUR: Mumbai International Airport Ltd, a subsidiary of Adani Airport Holdings, has secured a US$750 million investment from a group led by affiliates of Apollo-managed funds and other long-term backers, the US private capital group said on Monday. The four-year unsecured notes will be used to refinance existing debt, with an option to raise an additional US$250 million, Apollo said in a statement. Adani Airports Holdings, the airport division of Adani Enterprises, secured a US$750 million investment earlier this month from a consortium of international banks. The unit is expected to be spun off and listed by March 2027, according to a Bloomberg report from June. Adani Airport Holdings currently operates eight airports across India and also oversees the Navi Mumbai International Airport, a strategically located project on the outskirts of Mumbai set become operational soon. Adani Airport Holdings and Adani Enterprises did not immediately respond to requests for comment outside of business hours.
