Adani International Container Terminal’s maiden bond issue oversubscribed by 10 times

Adani International Container Terminal’s maiden bond issue oversubscribed by 10 times

MUMBAI: Adani International Container Terminal on Monday said its $300 million maiden bond issue was oversubscribed 10 times with interest coming in from 220 investors.

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, the company said in a statement.

“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,” said the company in a statement.

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

“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. 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,” said Karan Adani, CEO and whole time director for Adani Ports and SEZ.

AICTPL is a 50:50 joint venture between APSEZ and Terminal Investment Limited (‘TiL’), the world’s sixth largest container terminal operator, majority owned by MSC, the second largest container shipping liner in the world.

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