Barclays, Citigroup, DBS, MUFG, StanChart were bookrunners
By Amit Chettupuzha
AHMEDABAD/December 28-2020: Adani International Container Terminal Pvt Ltd (AICTPL) settled its first $300 million public US dollar bond issuance on December 21, 2020. The issue witnessed large participation from marquee real money investors with interests coming from around 220 accounts leading to approximately 10 times oversubscription.
Lowest coupon
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 5 years.
A statement issued by APSEZL said the investors were attracted by its strong shareholders, Adani Ports and SEZ Ltd (APSEZ) & Terminal Investment Ltd (TIL), and their combined business strengths embedded in the company.
The issuance is supported by investment grade rating affirmation by all three international rating agencies.
It also added that the issuance is in line with Adani Group’s philosophy to tap the capital market to re-engineer the capital structure for assets and finance them with debt extending for the life of the project.
The issuance also fits perfectly into TiL’s strategy to diversify and optimise funding sources for its terminal companies around the globe.
Barclays, Citigroup, DBS Bank, Japan’s MUFG, and Standard Chartered were global coordinators, book-runners, and lead managers.
Karan Adani (seen in the picture) , CEO and Whole Time Director of APSEZ said the issuance is in line to the Group’s capital management philosophy of re-engineering the capital structure & extending debt maturity in line with the life of the asset.
“Our relationship with TiL is very important to us & holds the key to our strategy for making Mundra container hub for the region and AICTPL,” Adani added.
Ammar Kanaan, CEO of TiL said, “Our relationship with Adani is a classic example of a commercial partnership which is based on core principles of trust, transparency, and respect.”
