Cyril Amarchand Mangaldas Advises Adani Ports and Special Economic Zone on USD 750 Million Bond Issue
Cyril Amarchand Mangaldas acted as the India legal counsel to Adani Ports and Special Economic Zone Limited (APSEZL) on raising funds through issuance of bonds. The Company is the largest commercial ports operator in India and has a Pan-India presence.APSEZL is India's largest private multi-port operator. It is a part of the Adani Group, an integrated infrastructure corporation.The...
Cyril Amarchand Mangaldas acted as the India legal counsel to Adani Ports and Special Economic Zone Limited (APSEZL) on raising funds through issuance of bonds. The Company is the largest commercial ports operator in India and has a Pan-India presence.
APSEZL is India's largest private multi-port operator. It is a part of the Adani Group, an integrated infrastructure corporation.
The Capital Markets team of Cyril Amarchand Mangaldas advised APSEZL on the Transaction. The CAM team played a pivotal role in ensuring that: (a) the transaction documents and the terms and conditions of the issuance meet the structuring and commercial objectives of the Company and (b) the offering circular and other documentation are prepared in accordance with the Indian regulations and international best practices.
The Transaction Team was led by Yash Ashar, Partner & Head - Capital Markets; Pranav Sharma, Partner; Abhinav Kumar, Partner and Pururaj Bhar, Partner; with support from Neha Samant, Principle Associate; Surajkumar Shetty, Principle Associate; Apoorv Jain, Senior Associate; Bipluv Jhingan, Senior Associate; Sowmya Khandelwal, Associate; and Akanksha Prakash, Trainee - Legal.
As a part of the Transaction, APSEZL issued USD 750 million 4.20% stand-alone issuance of bonds (Notes) due in 2027. The Notes have been listed on the SGX and INX and were rated BBB- by S&P, BBB - by Fitch and Baa3 by Moody's.
Other parties involved in the Transaction included:
Barclays Bank Plc, Citigroup Global Markets Limited, Deutsche Bank AG, Singapore Branch, J.P. Morgan Securities Plc, Merrill Lynch (Singapore) Pte. Ltd., Standard Chartered Bank, Credit Suisse (Hong Kong) Limited, DBS Bank Ltd., Emirates NBD Bank PJSC, Mizuho Securities (Singapore) Pte. Ltd. and MUFG Securities Asia Limited Singapore Branch (Managers and Joint Bookrunners)
The Bank of New York Mellon (Trustee, Principal Paying Agent, Registrar and Transfer Agent)
Latham & Watkins LLP (International Legal Counsel to the Company)
Linklaters Singapore Pte. Ltd. (International Legal Counsel to the Managers and Joint Bookrunners)
The Transaction was signed on July 28, 2020 and concluded on August 4, 2020.