Adani Ports raises 10-year $500mn through unsecured notes
January 28, 2021
Karan Adani, CEO, Adani Ports and SEZ - BusinessLine×
Prices the senior unsecured notes at 3.10% with marquee investors across all geographies
nder its ongoing debt management plan, private ports major, Adani Ports and Special Economic Zone Limited (APSEZ) has raised $500 million (approx ₹3,653 crore) through issuance of 10-year senior unsecured instrument.
APSEZ informed that it successfully priced a $500 million 10 years bullet senior unsecured USD note issuance at a fixed coupon of 3.10 per cent on January 26, 2021 with marquee investors across all geographies.
This becomes third issuance in the fiscal 2020-21 so far for the Adani Group’s ports arm, totalling the overall issuance at over $1.50 billion (approx ₹11,000 crore).
Adani Ports and Special Economic Zone Limited (APSEZ), the ports & logistics company of the Adani Group, successfully priced a $500 million 10-year bullet senior unsecured USD note issuance at a fixed coupon of 3.10 per cent. The offering received tremendous participation from marquee investors across key markets and geographies which enabled the order book to build around 6 times leading to tightening of spreads and pricing under fair value. This was the second issuance for APSEZ and third for the port vertical company of Adani Group in the current financial year with total issuance amounting to over $1.5 billion. Karan Adani, CEO and Whole Time Director of APSEZ said: “Current issuance is part of our capital management programme to extend debt maturity and refinance debt well in advance of maturity. The strong global demand has enabled us to price the issuance at the most competitive rate in APSEZ history.”
Fitch Assigns Adani Ports’ Proposed USD Notes ‘BBB-(EXP)’ Rating; Outlook Negative
Fitch Ratings has assigned India-based port operator Adani Ports and Special Economic Zone Limited’s (APSEZ, BBB-/Negative) proposed senior unsecured notes of up to USD500 million an expected rating of ‘BBB-(EXP)’ with a Negative Outlook. The proposed bond is ranked pari passu with the company’s existing US dollar bonds. The proceeds will be used primarily for refinancing the early redemption of APSEZ’s US dollar bond due 2022.
The final rating is contingent upon the receipt of final documents conforming to information already received.
RATING RATIONALE
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Adani Ports and Special Economic Zone Limited has commenced a tender offer to purchase for cash any and all of its outstanding $500,000,000 3.95 per cent Senior Notes due 2022. The tender offer will expire at 5:00 p.m., New York time, on February 2.
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AHMEDABAD, India, Jan. 25, 2021 /PRNewswire/ Adani Ports and Special Economic Zone Limited (the Company ) today announced that it has commenced a tender offer to purchase for cash (the Tender Offer ) any and all of its outstanding US$500,000,000 3.95% Senior Notes due 2022, CUSIP: Y00130 HS9, ISIN: USY00130HS90 (Regulation S) and CUSIP: 00652M AC6, ISIN: US00652MAC64 (Rule 144A) (the Notes ). The Tender Offer is being made pursuant to a Tender Offer Memorandum, dated 26 January 2021 (the Tender Offer Memorandum ), which is available on the tender website (the Tender Website ) https://bonds.morrowsodali.com/adaniports.
The Tender Offer will expire at 5:00 p.m., New York time, on 2 February 2021, unless extended or earlier terminated as described in the Tender Offer Memorandum (such time and date, as they may be extended, the Expiration Time ).