Mumbai International Airport raises $750 mn

In an official statement, Mumbai International Airport Ltd (MIAL), which owns and operates the Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, stated that it has received $750 million senior secured private placement notes from credit funds managed by Apollo. The Credit business of Apollo provided a scaled, long-term fund solution for MIAL. The majority of the $750 million notes will be utilized to refinance current shorter maturity loans and new capital expenditure. In a statement, Apollo Partner and Global Head of Emerging Market Debt, Brigitte Posch said, “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. 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.”

After the successful deal, the Chief Executive Officer of MIAL, Prakash Tulsiani 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. 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.”