By Ruchi Singh
In a filing with indices on 4 April, Adani enterprises announced that around USD 750 million has been raised by Mumbai International Airport Ltd via dollar-denominated bonds from credit funds managed by private equity firm Apollo.
MIAL is a step-down subsidiary of Adani Airport Holdings, a company incubated by Adani Enterprises, while it also owns and operates Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, which is the second-largest airport in India.
Reports indicate that the money has been raised by MIAL is primarily for refinancing the airport’s short-term debt. It has been raised in senior secured private placement notes that institutional investors usually use to lend to companies similar to banks.
“We are pleased to work with the Adani’s to provide a comprehensive, long-term capital solution for MIAL, a mission-critical infrastructure asset in India. Amid significant market volatility, our ability to commit to the entire transaction and take a long-term view reflects some of the critical strengths of Apollo’s global credit platform and perpetual capital base,” said Brigitte Posch, Apollo Partner and Global Head of Emerging Market Debt on the development.