Adani's $1 billion Mumbai Airport financing project attracts legal involvement from CAM, A&O Shearman, Khaitan, and Milbank.
Mumbai, India - Adani Airports Holdings Limited (AAHL) has successfully secured $1 billion in project finance for Mumbai International Airport Limited (MIAL), marking a significant milestone in the airport's modernization and expansion plans. The transaction, led by funds managed by Apollo, primarily consists of investment-grade USD-denominated notes aggregating to $750 million, with an option to raise an additional $250 million.
The financing aims to support MIAL's efforts towards modernization, capacity expansion, and sustainability initiatives, with the ambitious goal of achieving net zero emissions by 2029.
A team of distinguished legal advisors guided the complex transaction. Cyril Amarchand Mangaldas (CAM) and A&O Shearman acted as legal advisors to MIAL, while Khaitan & Co advised Apollo Management Singapore Pte. Ltd., the note purchaser. Milbank also participated as a legal advisor, likely for the lenders, though its precise mandate is not specified.
CAM's transaction team was led by Subhalakshmi Naskar (Co-head, Projects & Infrastructure) and Anand Deshpande (Partner). A&O Shearman's team was led by Pallavi Gopinath Aney (Co-head, India Group), with support from Kyungwon (Won) Lee (Partner), Etienne Gelencserér (Partner), Hae-Ran Song (Of Counsel), Naomi King (Consultant), and Shinjan Alok (Associate).
Khaitan & Co's team included Ashwin Bishnoi (Partner), Prateek Desai (Partner), Swathy Ramanath (Partner), Gautam Mudgal (Counsel), Kartikey Gautam (Principal Associate), Nitin Raghu (Senior Associate), Sonalika Ahuja (Senior Associate), and Krishnendu Ghosh (Associate).
This financing marks India's first investment-grade (IG) rated private bond issuance in the airport infrastructure sector. The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies, including BlackRock-managed funds and Standard Chartered among others.
Mumbai International Airport runs the Chhatrapati Shivaji Maharaj International Airport, serving as a major hub for both domestic and international travel. This significant investment is expected to bolster the airport's infrastructure, enhance its operational efficiency, and contribute to India's growing aviation sector.
The financing, led by Apollo-managed funds, marks a significant step in India's aviation sector as it supports Mumbai International Airport's modernization and expansion plans, especially in real-estate development and sustainable operations. This investment-grade rated private bond issuance in the airport infrastructure sector could potentially attract more business opportunities and attract investors interested in real-estate and sustainable investing.
