Mumbai International Airport to get £5,735.43 billion from Apollo Management

Business

This private placement is among the largest ever completed in India, according to Apollo Management

This private placement is among the largest ever completed in India, according to Apollo Management

Mumbai International Airport Ltd (MIAL), which owns and operates Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, announced that it has received 5,735.43 crore (US$750 million) of senior secured private placement bonds from Apollo Management International LLP-managed credit has raised funds.

Headquartered in the US, Apollo is a global, high-growth alternative wealth manager.

Apollo’s lending business provided the funds and most of the proceeds will be used to refinance existing shorter-term loans and new investments, the company said in a statement.

This private placement is among the largest ever made in India, the company said.

MIAL is a step-down subsidiary of Adani Airport Holdings Ltd (AAHL), a company formed by Adani Enterprises Ltd (AEL).

The capital was raised through 7.25-year US dollar notes through a US private placement (USPP).

The transaction marks the first step of AAHL’s capital management plan along with the recently announced financial closure of Navi Mumbai Airport, Mumbai’s second airport to be developed by Adanis.

“We are pleased to work with Adanis to provide a comprehensive, long-term capital solution for Mumbai International Airport, a mission-critical infrastructure asset in India,” said Brigitte Posch, Partner and Global Head of Emerging Market Debt, Apollo.

“Amid significant market volatility, our ability to participate fully in the transaction and take a long-term perspective reflects some of the key strengths of Apollo’s global lending platform and perpetual capital base,” she said.

“We are poised to transform Mumbai Airport from a functional transit point into a vibrant, fully-fledged business, hospitality and leisure ecosystem for Mumbaikars and the region,” said Prakash Tulsiani, CEO of MIAL.

“Combined with the proven speed of execution of the Adani portfolio, the proceeds from this issue will allow us to accelerate MIAL’s transformation and deliver immense value to our stakeholders in the post-pandemic era, thereby enhancing the consumer experience,” he added added.

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