CAM, A&O Shearman, Khaitan, and Milbank act on Adani's Mumbai Airport $1 billion financing

Adani Airports Holdings Limited has secured $1 billion in project finance for Mumbai International Airport Limited (MIAL) from funds managed by Apollo.

The financing comprises investment-grade USD-denominated notes aggregating to $750 million, with a maturity of July 2029 and an option to raise an additional $250 million.

Cyril Amarchand Mangaldas advised MIAL on this transaction.

The transaction team was led by Subhalakshmi Naskar (Co-head, Projects & Infrastructure) and Anand Deshpande (Partner).

A&O Shearman advised MIAL on this transaction.

The transaction team was led by Pallavi Gopinath Aney (Co-head, India Group), with support from Kyungwon (Won) Lee (Partner), Etienne Gelencsér (Partner), Hae-Ran Song (Of Counsel), Naomi King (Consultant) and Shinjan Alok (Associate).

Khaitan & Co advised Apollo Management Singapore Pte. Ltd. in relation to issuance of the notes.

The transaction team consisted of Ashwin Bishnoi (Partner), Prateek Desai (Partner), Swathy Ramanath (Partner), Gautam Mudgal (Counsel), Kartikey Gautam (Principal Associate), Nitin Raghu (Senior Associate), Sonalika Ahuja (Senior Associate) and Krishnendu Ghosh (Associate).

Milbank also acted on this transaction.

The transaction team was led by David H. Zemans (Managing Partner, Asia practice), with support from Singapore-based Partners James Orme, Terrence O'Donnell and Giles Kennedy.

This is India’s first investment grade (IG) rated private bond issuance in the airport infrastructure sector. The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies which included BlackRock-managed funds, Standard Chartered among others.

Mumbai International Airport runs the Chhatrapati Shivaji Maharaj International Airport.

The funds will be utilised for modernization, capacity expansion, and sustainability initiatives—most notably, the aim of achieving net zero emissions by 2029.

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