Adani-owned Mumbai International Airport raises $750 million in debt funding from Apollo

Mumbai International Airport (File image: Reuters)

Mumbai International Airport Ltd (MIAL) has raised $750 million via dollar-denominated bonds from credit funds managed by private equity firm Apollo, Adani Enterprises announced in a filing with indices on April 4.

MIAL owns and operates the Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, the second largest airport in India.

The company will use the funds to refinance shorter maturity loans and for new capital expenditure.

MIAL is a step-down subsidiary of Adani Airport Holdings, a company incubated by Adani Enterprises.

"This issuance by MIAL marks the first step in its capital management plan. Adani Airport Holdings will continue to diversify sources of financing through access to different pools of capital," Adani Enterprises said in the filing.

“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,” said Brigitte Posch, Apollo partner and global head of emerging market debt.

“Amid significant market volatility, our ability to commit to the entire transaction and take a long-term view reflects some of the key strengths of Apollo’s global credit platform and perpetual capital base.”

Prakash Tulsiani, CEO of MIAL, said, “We are set to transform the Mumbai airport from a functional transit point into a vibrant, full-fledged business, hospitality and leisure ecosystem for Mumbaikars and the region.”

Allen and Overy and Cyril Amarchand Mangaldass acted as legal advisors to MIAL for the issuance.