Adani International Container Terminal raises $300 million via bonds to refinance debt
The ten-year bonds were sold at a fixed coupon rate of 3 per cent, which was lowest coupon achieved by any corporate Indian issuer in the last 5 years
BusinessToday.In | December 28, 2020 | Updated 15:08 IST
Adani International Container Terminal bond was over-subscribed by about 10 times
Adani International Container Terminal Pvt Ltd (AICTPL), a joint venture between Adani Ports and Special Economic Zone and Terminal Investment, has raised $300 million by issuing bonds to international investors. This was the first bond issuance by the JV which was over-subscribed by about 10 times on the back of large participation from marquee real money investors. The fund raised via bonds proceeds will be used to refinance the existing debt of AICTPL.
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The issue is also the lowest coupon achieved by any corporate Indian issuer in the last five years.
Unprecedented response to AICTPL s dollar maiden bond issuance ANI | Updated: Dec 28, 2020 10:53 IST
The issue witnessed large participation from marquee real money investors with interests coming from around 220 accounts leading to 10 times over-subscription. The issue of 10 years was priced at par to yield 3 per cent which is also the lowest coupon achieved by any corporate Indian issuer in the last five years.
The investors were attracted by its strong shareholders Adani Ports and Special Economic Zone (APSEZ) and Terminal Investment Ltd (TiL) and their combined business strengths embedded in the company backed by the credit quality of the issuance supported by investment grade rating affirmation by all three international rating agencies.
Adani International Container Terminal lists USD 300-million bonds on India INX
Adani International Container Terminal lists USD 300-million bonds on India INX
BSE s India International Exchange (India INX) on Tuesday said Adani International Container Terminal Pvt Ltd has listed USD 300-million foreign currency bond on its platform.
The bonds have been listed on the global securities market (GSM) platform of India INX at GIFT-IFSC, the exchange said in a statement.
The issuer has raised the funds at a competitive rate of three per cent for the senior secured notes maturing in 2031, it added.
India INX has been the leading listing platform for listing of overseas instruments at GIFT-IFSC.
Adani Ports JV to raise USD 300 mn
Adani Ports JV to raise USD 300 mn
New Delhi, Dec 15:Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said its joint venture firm Adani International Container Terminal Pvt Ltd will raise USD 300 million (over Rs 2,200 crore) to retire some of its debt.
“Adani International Container Terminal Pvt Ltd (AICTPL), a 50:50 joint venture (JV) of Adani Ports and Special Economic Zone Ltd and Terminal Investment Limited Holding S.A., priced an offering of USD 300 million 3.00 per cent senior secured notes due 2031.
“The notes will be issued to institutional investors permitted to invest in the notes under applicable laws,” the company said in a regulatory filing.
Adani Ports and Special Economic Zone (APSEZ) has said its joint venture will raise USD 300 million to shake off its debt.
Adani International Container Terminal Pvt Ltd (AICTPL), a 50:50 joint venture of APSEZ and Terminal Investment Ltd Holding SA, priced an offering of USD 300 million at three per cent senior secured notes due in 2031, the company said in a statement.
The notes are expected to be rated Baa3 by Moody s Investors Service, BBB-minus Standard & Poor and BBB-minus by Fitch Ratings. AICTPL intends to use the proceeds from the offering to repay all of its existing senior indebtedness and to repay a portion of the subordinated shareholder loans availed by it, the company added.