Apollo Provides $750 Million of Senior Secured Private Placement Notes for Mumbai International Airport Ltd.
04 Mai 2022 - 02:00PM
Apollo (NYSE: APO) today announced that Apollo-managed credit funds
have purchased $750 million of senior secured private placement
notes from the Mumbai International Airport Ltd. (MIAL), an Adani
Portfolio entity that owns and operates Chhatrapati Shivaji Maharaj
International Airport (CSMIA) in Mumbai, the second largest airport
in India.
Apollo’s Credit business was able to provide a
scaled, long-term capital solution for MIAL, with a majority of
proceeds from the 7-year, $750 million notes to be used to
refinance existing shorter maturity loans and new capital
expenditure. MIAL is a premium asset within the Adani’s expanding
airport infrastructure Portfolio and the marquee private placement
is among the largest-ever completed in India.
“We are pleased to work with the Adani’s to
provide a comprehensive, long-term capital solution for the Mumbai
International Airport, 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.”
“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,”
said Mr Prakash Tulsiani, CEO, MIAL. “Combined with the Adani
Portfolio’s proven speed of execution, the proceeds of this
issuance will allow us to accelerate MIAL’s transformation and
provide immense value to our stakeholders in the post-pandemic
period and thereby improve the consumer experience.”
Apollo Partner and Head of Asia-Pacific Matt
Michelini added, “At Apollo, we’re helping to build and finance
stronger businesses around the world, and we’re excited to increase
this activity across Asia Pacific, where we see growing demand for
credit-oriented solutions.”
Over the last 12 months, Apollo has provided
more than $1 billion of capital commitments in India and the
transaction builds upon significant momentum across the broader
Asia-Pacific region, including strategic investments in FWD
Insurance (Hong Kong) and Challenger (Australia). Apollo is
particularly focused on applying its expertise in fixed income
replacement and yield-oriented solutions to generate high-quality
investment opportunities for institutions and individuals and
provide great companies with attractive, comprehensive capital
solutions.
CSMIA has a rich history of over 90 years and
has been a gateway to Mumbai for the rest of India and the world.
It is one of the world’s busiest single-runway airports and the
second largest airport in the country. It forms a part of an
airport network of eight airport assets under Adani Airport
Holdings Limited (AAHL). MIAL also owns 74% stake in Navi Mumbai
International Airport Limited (NMIAL), the greenfield airport being
developed in Suburban Mumbai, which when operational will be the
“twin airport” servicing passengers in the Mumbai Metropolitan
Region.
MIAL is fully committed to the UN Sustainability
Development Goals with a specific focus on SDG 7 (Affordable and
Clean Energy), SDG 11 (Sustainable Cities and Communities) &
SDG 13 (Climate Action), demonstrated through initiatives that
include solar energy installation projects, electric vehicle usage,
conversion to LED lamps and more. The airport has deployed a 100%
single-use plastic free philosophy and zero water discharge through
a sustainable water management system. Recently, Terminal 2 has
been re-certified with IGBC Platinum rating in IGBC Green Existing
Building Operation and Maintenance Category by Confederation of
Indian Industries.
Allen and Overy and Cyril Amarchand Mangaldass
acted as legal advisors to MIAL for the issuance, while Linklaters
and Talvar Thakore and Associates acted as legal advisors to the
Apollo Funds.
About ApolloApollo is a global,
high-growth alternative asset manager. In our asset management
business, we seek to provide our clients excess return at every
point along the risk-reward spectrum from investment grade to
private equity with a focus on three business strategies: yield,
hybrid, and equity. For more than three decades, our investing
expertise across our fully integrated platform has served the
financial return needs of our clients and provided businesses with
innovative capital solutions for growth. Through Athene, our
retirement services business, we specialize in helping clients
achieve financial security by providing a suite of retirement
savings products and acting as a solutions provider to
institutions. Our patient, creative, and knowledgeable approach to
investing aligns our clients, businesses we invest in, our
employees, and the communities we impact, to expand opportunity and
achieve positive outcomes. As of December 31, 2021, Apollo had
approximately $498 billion of assets under management. To learn
more, please visit www.apollo.com.
About MIAL Mumbai
International Airport Limited (MIAL) is managed by Adani Airport
Holdings Limited (AAHL), a subsidiary of Adani Enterprises, the
flagship company of the globally diversified Adani Portfolio. MIAL
is a Public-Private Partnership (PPP) venture between AAHL, holding
a majority stake of 74%, and the Airports Authority of India,
holding the rest 26%. AAHL aims to converge India’s biggest cities
in a hub and spoke model through the Group's proven strength in
developing and managing complex transport & logistics hubs.
With a strong understanding of modern-day
mobility requirements, the Adani Portfolio’s vision for MIAL is to
reinvent Mumbai International Airport as India’s biggest
aerotropolis, where the traditional airport nucleus of passenger
and cargo infrastructure will be reinforced by interdependent
clusters of commercial and residential infrastructure to create the
nation's busiest airport ecosystem.
MIAL has been further envisioned as a global
air-travel focal point where domestic and international flyers
actively engage in business and leisure supported by metropolitan
expansion that catalyses aviation-linked businesses and employment
opportunities. At MIAL, we intend to create distinctiveness with an
experiential offering that puts Mumbai first.
Contact Information:
ApolloFor Investors:Noah GunnGlobal Head of Investor
Relations(212) 822-0540IR@apollo.com
For Media:Joanna RoseGlobal Head of Corporate
Communications(212) 822-0491Communications@apollo.com
Adani Group For Media: Roy PaulTel: 91-79-25556628
roy.paul@adani.com
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