By Godwin Oritse & Godfrey Bivbere
DIRECTOR-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has said the Badagry Deep Sea port project in Lagos State is a strategic step towards the development of Nigeria as a global maritime hub.
Speaking at a courtesy visit to the paramount ruler of Badagry Kingdom, His Royal Majesty, De-Wheno Aholu Menu Toyi 1, the Akran of Badagry, Jamoh also commended the traditional ruler and his kingdom for allocating land to NIMASA before the take-off of the port project.
The Director-General stated, “Nigeria is strategically located at a significant point in the Atlantic Ocean, with about 853 kilometres coastline, which gives us a geographic advantage to become a maritime hub for not only the West and Central African region, but also the entire maritime trading world. And with over 70 per cent of cargo bound for West and Central Africa destined for Nigeria, we also have a huge commercial advantage.
Unprecedented response to Adani International Container Terminal Private Limited s maiden USD Bond Issuance
Posted On: 2020-12-27 20:57:16 (Time Zone: Arizona, USA)
Adani International Container Terminal Private Limited (AICTPL) settled its first USD 300 mn public USD bond issuance on 21st December 2020. The issue witnessed large participation from marquee real money investors with interests coming from around 220 accounts leading to approx. 10 times oversubscription. The issue of ~10 Years was priced at par to yield 3.00% which is also the lowest coupon achieved by any corporate Indian issuer in the last 5 years.
The investors were attracted by its strong shareholders, Adani Ports and Special Economic Zone Limited (APSEZ) & Terminal Investment Limited (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 3 international rating agencies.
Intraday, shares of APSEZ made a 52-week high at Rs 492.85 per share on the BSE. Barclays, Citigroup, DBS Bank, MUFG, and Standard Chartered were global coordinators, book-runners, and lead managers. AICTPL is a container terminal operating company based out of Mundra, with capacity of over 3.1 million TEUs. The quay length of 1460 meters and a deep draft of 17.5 meters makes AICTPL a prime destination for transshipment cargo. However, shares of APSEZ ended at Rs 483.75 per share, up 1.14 percent from previous close with market capitalisation at Rs 98,285.99 crore. Dear Reader,
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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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“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.