Adani Airports Holdings Limited (AAHL) has secured a $1 billion financing through a project finance structure for the Mumbai International Airport Limited (MIAL).
The transaction comprises of the issuance of $750 million notes maturing in July 2029 to be used for refinancing, and a provision to raise an additional $250 million. Apollo-managed funds led the transaction, with participation from BlackRock-managed funds and Standard Chartered among others.
This is reportedly India’s first investment grade (IG)-rated private bond issuance in the airport infrastructure sector.
The move is expected to enhance the financial flexibility of MIAL’s capital expenditure programme for development, modernisation, and capacity enhancement.
This issuance comes following the recent $750 million financing by AAHL from a consortium of global banks.