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Cyril Amarchand Mangaldas advises Adani Ports & SEZ on its USD 750 million fundraising via foreign currency bonds
Cyril Amarchand Mangaldas (CAM) acted as the legal counsel to Adani Ports and Special Economic Zone Limited (Adani Ports) as to Indian law on its USD 750 million fundraise via foreign currency bonds. The funds will be used for capital expenditure, including on-lending to subsidiaries to meet their capital expenditure needs, as well as for repaying existing debt.Adani Ports has a 21.2%...
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Cyril Amarchand Mangaldas (CAM) acted as the legal counsel to Adani Ports and Special Economic Zone Limited (Adani Ports) as to Indian law on its USD 750 million fundraise via foreign currency bonds. The funds will be used for capital expenditure, including on-lending to subsidiaries to meet their capital expenditure needs, as well as for repaying existing debt.
Adani Ports has a 21.2% market share in terms of total export and import cargo handled at all ports in India for Fiscal 2019. The Company has nine ports in operation, two ports under development and three Inland Container Depots located in various locations across India. As a part of the Transaction, Adani Ports issued USD 750,000,000 4.375 per cent Notes due in 2029 in respect of a stand-alone issuance of bonds (Notes). The offering was made to bond holders outside India under Rule 144A and Regulation S of the Securities Act, 1933, and the Notes were rated BBB- (stable) by S&P and BBB- (stable) by Fitch.
The Capital Markets, Financing and Taxation practices of Cyril Amarchand Mangaldas advised on the Transaction. The Team was led by Yash Ashar, Partner; Abhinav Kumar, Partner; Joseph Jimmy, Partner; S Vivek, Partner; and Daksha Baxi, Head – International Taxation; with support from Surajkumar Shetty, Principal Associate, Aparna Raturi, Senior Associate; Bipluv Jhingan, Associate; Tania Chourasia, Associate; Parth Desai, Associate; Avani Maha, Associate; and Mehul Kumar, Associate.
Barclays Group PLC, Citigroup Global Markets Limited, DBS Bank Limited, Emirates NBD Bank PJSC, J.P Morgan Securities plc, Merril Lynch (Singapore) Pte. Limited, Mizuho Securities Asia Limited, MUFG Securities Asia Limited and Standard Chartered Bank managed the offering.
Other parties involved in the Transaction were Lathan & Watkins LLP (legal counsel to Adani Ports as to U.S. Federal and English law), Linklaters (legal counsel to the Joint Bookrunners as to U.S. Federal and English law), L&L Partners (legal counsel to the Joint Bookrunners as to Indian law)