AICTPL’s USD 300 mn bond issuance attracts 10 times oversubscription

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Ahmedabad : Gautam Adani controlled Adani International Container Terminal Private Limited (AICTPL) on Monday said that it’s  USD 300 million public USD bond issuance has attracted 10 times oversubscription. The issue witnessed large participation from marquee real money investors with interests coming from around 220 accounts.  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, APSEZ & 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.

AICTPL is a container terminal operating company based out of Mundra, having an annual capacity of handling over 3.1 million TEUs.

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 optimize funding sources for its terminal companies around the globe.

Barclays, Citigroup, DBS Bank, MUFG, and Standard Chartered were global coordinators, book-runners, and lead managers.

“The issuance is in line to the Group’s capital management philosophy of re-engineering the capital structure & extending debt maturity inline to the life of 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 as our flagship terminal. Successful issuance demonstrates the appreciation & acceptance of level of corporate governance at the private JV level. The first note issuance by any port vertical JV company also paves the way & sets the benchmark for other JVs & Subsidiary companies of the group to tap the capital market” Mr. Karan Adani, CEO and Whole Time Director of APSEZ said.

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