Adani Port JV raises $300 mn via U.S. bonds

Adani International Container Terminal Private Ltd (AICTPL), a joint venture company of Adani Ports and Special Economic Zone (APSEZ) said it has raised $300 million through issuance of U.S. dollar bonds.

“The issue witnessed large participation from marquee real money investors with interests coming from around 220 accounts leading to approximately 10 times oversubscription. The issue of 10 years was priced at par to yield 3% which is also the lowest coupon achieved by any corporate Indian issuer in the last 5 years,” AICTPL said in a statement.

Karan Adani, CEO and Whole Time Director of APSEZ said, “The issuance is in line to the Group’s capital management philosophy of re-engineering the capital structure & extending debt maturity inline to the life of asset. Our relationship with TiL (Terminal Investment Ltd) is very important to us & holds the key to our strategy for making Mundra container hub for the region and AICTPL as our flagship terminal.”

“Successful issuance demonstrates the appreciation and acceptance of level of corporate governance at the private JV level. The first note issuance by any port vertical JV company also paves the way & sets the benchmark for other JVs and subsidiary companies of the group to tap the capital market,” he said.

Source: Read Full Article