Apollo Provides $750 Million of Senior Secured Private Placement Notes for Mumbai International Airport Ltd.
Apollo has announced the purchase of $750 million in senior secured notes from Mumbai International Airport Ltd. (MIAL), a significant asset within the Adani Portfolio. The deal enables MIAL to refinance its existing loans and fund new capital projects as part of a transformation of the airport into a multifaceted business and leisure hub. This private placement is one of the largest in India's history. Apollo's commitment reflects its strength in offering long-term capital solutions, while MIAL aims to enhance consumer experiences in the post-pandemic era.
- Apollo's $750 million investment supports MIAL's financial restructuring and growth.
- The deal signifies one of the largest private placements in India, showcasing strong market confidence.
- MIAL's transformation strategy aims to enhance the consumer experience significantly.
- None.
Bespoke, Scaled Credit Solution for the Operator of India’s Second-Largest Airport
NEW YORK and MUMBAI, India, May 04, 2022 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed credit funds have purchased
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,
“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
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
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
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 Apollo
Apollo 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
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
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:
Apollo
For Investors:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com
For Media:
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com
Adani Group
For Media:
Roy Paul
Tel: 91-79-25556628
roy.paul@adani.com
FAQ
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