Adani Ports JV to raise $300 mn
Posted On: 2020-12-14 19:23:11 (Time Zone: Arizona, USA)
Adani International Container Terminal Private Limited ( AICTPL ), a 50:50 joint venture of Adani Ports and Special Economic Zone Limited and Terminal Investment Limited Holding S.A., priced an offering of US$ 300 million 3.00% Senior Secured Notes due 2031 (the Notes , and such offer of the Notes, the Offering ). The Notes will be issued to institutional investors permitted to invest in the Notes under applicable laws.
The Notes are expected to be rated Baa3 by Moody s Investors Service Inc., BBB- Standard & Poor s Ratings Services and BBB- by Fitch Ratings Inc.
Fitch Rates Adani International Container Terminal’s Proposed Notes First-Time ‘BBB-(EXP)’
Fitch Ratings has assigned Adani International Container Terminal Private Limited’s (AICTPL) proposed US-dollar senior secured partially amortising notes due 2031 an expected rating of ‘BBB-(EXP)’. The Outlook is Negative.
The final rating is contingent upon the receipt by Fitch of final documents conforming to information already received as well as the final pricing and financial close on the proposed notes.
RATING RATIONALE
AICTPL benefits from its strategic position within the primary port of call in north-west India, revenue stability from long-term cargo and high operational efficiency. We regard the volatility of AICTPL’s revenue as low due to its affiliation with Mediterranean Shipping Company S.A. (MSC) through its 50% parent, Terminal Investment Limited (TIL); TIL, which is majority owned by MSC, is the world’s sixth largest container terminal operator. MSC is able
Fitch assigns BBB rating to Adani International Container
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Last Updated: Dec 10, 2020, 02:56 PM IST
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Synopsis
“The final rating is contingent upon the receipt by Fitch of final documents conforming to information already received as well as the final pricing and financial close on the proposed notes,” a statement said.
Agencies
Adani’s container business “benefits from its strategic position within the primary port of call in north-west India, revenue stability from long-term cargo and high operational efficiency,” Fitch said.
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NSE
Mumbai: Fitch Ratings Thursday said it has assigned
Adani International Container Terminal Private Limited s (AICTPL) proposed US-dollar senior secured partially amortising notes due 2031 an expected rating of BBB-(EXP) . The outlook is Negative.