APSEZ’s 10 ports and terminals represent 24 pc of India's total port capacity
APSEZ’s 10 ports and terminals represent 24 pc of India's total port capacity

Adani Ports raises $750 million via overseas bonds

ANI | Updated: Jun 27, 2019 11:32 IST

Mumbai (Maharashtra) [India], June 27 (ANI): Adani Ports and Special Economic Zone (APSEZ) Ltd has launched a 750 million offshore bond sale to repay existing loans and finance capital expenditure.
The funds are planned to be used for capital expenditure, including on-lending to subsidiaries to meet their capital expenditure needs, and for repaying existing debt. The fixed rate unsecured notes will be listed on the Singapore Exchange.
Investment banks Bank of America Merrill Lynch, Standard Chartered Bank, Citi, JP Morgan, and Barclays are managing the offering, APSEZ informed stock exchanges in regulatory filings on Thursday.
APSEZ is a subsidiary of Adani Enterprises providing cargo handling and value-added port services. It is engaged in the business of developing, operating and maintaining port and port-based infrastructure facilities. It's port services include marine, handling intra-port transport, storage, other value-added and evacuation services.
On June 21, Moody's Investors Service had assigned a Baa3 rating to the senior unsecured bonds of APSEZ. It primarily reflected the company's strong market position as the largest port developer and operator in India by cargo volume and the strength of its landmark Mundra Port concession in Gujarat.
APSEZ operates 10 port concessions around the country at varying stages of development. It is the largest port developer and operator in India when measured by volume with coal and other dry bulk terminals showing an annual capacity of 378 million tonnes.
(ANI)

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