Home Business Mumbai Airport raises $750 million from Apollo to refinance exiting debt & new capex

Mumbai Airport raises $750 million from Apollo to refinance exiting debt & new capex

Mumbai Airport raises $750 million from Apollo to refinance exiting debt & new capex

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NEW DELHI: Adani Airport’s flagship Mumbai International Airport Ltd (MIAL) has raised $750 million from Apollo-managed credit score funds which shall be used to refinance current debt and for brand spanking new capital expenditure necessities. This is step one capital administration plan of Adani Airport Holdings Ltd (AAHL), an organization incubated by Adani Enterprises Ltd (AEL), together with the lately introduced monetary closure of Navi Mumbai Airport.
AAHL says it should proceed to diversify the sources of financing via entry to completely different swimming pools of capital.
“We’re happy to work with the Adani’s to supply a complete, long-term capital resolution for the Mumbai Worldwide Airport, a mission-critical infrastructure asset in India. Amid vital market volatility, our capacity to decide to your complete transaction and take a long-term view displays among the key strengths of Apollo’s international credit score platform and perpetual capital base,” mentioned Brigitte Posch, Apollo companion and international head of rising market debt.
MIAL CEO Prakash Tulsiani mentioned: “We’re set to rework the Mumbai airport from a practical transit level right into a vibrant, full-fledged enterprise, hospitality and leisure ecosystem for Mumbaikars and the area. Mixed with the Adani Portfolio’s confirmed pace of execution, the proceeds of this issuance will permit us to speed up MIAL’s transformation and supply immense worth to our stakeholders within the post-pandemic interval and thereby enhance the buyer expertise.”
MIAL, which owns and operates Mumbai’s Chhatrapati Shivaji Maharaj Worldwide Airport (CSMIA) and can construct the Navi Mumbai Airport, has raised $750 million senior secured non-public placement notes from Apollo-managed credit score funds.
“Apollo’s Credit score enterprise was in a position to present a scaled, long-term capital resolution for MIAL, with nearly all of proceeds from the 7.25-years, $750 million notes for use to refinance current shorter maturity loans and new capital expenditure. MIAL is an iconic asset inside AAHL’s increasing airport infrastructure portfolio and the marquee non-public placement is among the many largest-ever accomplished in India,” the Adani group mentioned in an announcement.
CSMIA kinds part of an airport community of eight airport property beneath AAHL. MIAL additionally owns 74% stake in Navi Mumbai Worldwide Airport Restricted (NMIAL). Not too long ago, NMIAL had introduced monetary closure of your complete debt requirement of Rs 12,770 Cr with SBI.

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