Adani Airports Holdings (AAHL), a wholly owned subsidiary of Adani Enterprises, has successfully secured USD 1 billion financing through a project finance structure for its Mumbai International Airport (MIAL). The transaction involves issuance of USD 750 million notes maturing July 2029 (Notes) which shall be used for refinancing. The financing structure also includes provision to raise an additional USD 250 million, resulting in total financing of USD 1 billion. This framework will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernization, and capacity enhancement.

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, underlining global confidence in India's Infrastructure opportunity and Adani Airports' operating platform. Backed by MIAL's stable asset base and cash flows and operational excellence, the notes are expected to be rated BBB-/stable.

This issuance follows AAHL's USD 750 million financing from a consortium of global banks.