The amount to be disbursed by NHAI would provide a liquidity breather for the projects.
Adani Ports and Special Economic Zone Ltd (APSEZ) has raised USD 750 million (around Rs 5,582 crore) through issues of bonds, including a 20-year unsecured bond issue, from the global markets.
The company claimed that it has become the first infrastructure company in India to successfully raise 20 years money from international markets. According to a statement, the coupon rates for the 10.5-year and 20-year dual-tranches bonds were fixed at 3.8 per cent and 5 per cent, respectively.
"The issuances were closed on July 26, 2021 and was oversubscribed by over 3 times. APSEZ has continued to receive exceedingly strong participation (for its successive bond offerings) from its high-quality real money investors across all geographies," it said.
The company said this issuance establishes the Adani Group as India's leading issuer with the ability to access international capital markets across all market cycles.
"APSEZ is the only infrastructure company in India to successfully raise 20 years money from international markets," it said. The statement also noted that having issued the long tenor bond in developed markets, APSEZ has elongated the debt maturity to over 7 years from 6 years.
"APSEZ's natural hedge through its foreign currency earnings allows the company to manage its foreign currency exposure. This issuance has also reconfigured the ratio of APSEZ's debt from overseas investors from 69 per cent to 73 per cent," it said.
APSEZ CEO and Whole Time Director Karan Adani said, "... this issuance reflects the confidence international financial markets have in the fundamentals of the Adani Group's business model and its ability to execute."
The JLMs to the transaction were Axis Bank, Barclays, Citigroup, DBS Bank, Emirates NBD, JP Morgan, Merrill Lynch, Mizuho Securities, MUFG Securities, SMBC Nikko, and Standard Chartered Bank.
Adani Ports and Special Economic Zone Ltd is the transport and logistics arm of the diversified Adani portfolio. Shares of Adani Ports and Special Economic Zone Ltd were trading 2.57 percent down at Rs 665.20 on BSE.