Mumbai International Airport raises USD 750 million in debt funding from Apollo
- ByStartupStory | May 4, 2022
Mumbai International Airport Ltd (MIAL) has raised USD 750 million via dollar-denominated bonds from credit funds managed by leading private equity firm Apollo, Adani Enterprises, announced in a filing with indices on May 4.
MIAL operates and owns the Chhatrapati Shivaji Maharaj International Airport in Mumbai, which is the second-largest airport in India. The company will be using the fresh funds for new capital expenditure and refinance shorter maturity loans.
MIAL is a step-down subsidiary of Adani Airport Holdings, a company under the renowned Adani Enterprises.
Adani Enterprises, in its filing, said “This issuance by MIAL marks the 1st step in its capital management plan. Adani Airport Holdings will be continuing to diversify sources of financing through access to different pools of capital.”
Brigitte Posch, who is an Apollo partner and global head of emerging market debt, commenting on the new development, said that they were pleased to work with the Adani’s to provide a long-term, comprehensive, capital solution for MIAL, a mission-critical infrastructure asset in India.
Brigitte added, “Amid notable market volatility, our ability to commit to the entire transaction and take a long-term view reflects some of the major strengths of Apollo’s global credit platform and perpetual capital base.”
Prakash Tulsiani, Chief Executive Officer of MIAL, said, “We are set to transform the Mumbai airport from a functional transit point into a full-fledged vibrant business, hospitality as well as leisure ecosystem for Mumbaikars and the region.”
Allen and Overy and Cyril Amarchand Mangaldass served as legal advisors to MIAL for the issuance.
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