Funds managed by Apollo Global Management have led a $750m investment into Mumbai International Airport Ltd (MIAL), the operator of India’s second-largest airport, in a deal that strengthens Adani Group’s balance sheet and debt maturity profile, according to a report by Bloomberg.
The private placement, which includes participation from MetLife, BlackRock, and FWD Insurance, will be used to refinance MIAL’s 2022 debt. The structure also allows for an additional $250m in potential funding to support capital expenditure and expansion, according to a statement from Apollo.
The four-year bonds, priced at around 6.9% over US Treasury benchmarks, reflect growing investor confidence in Adani Group, which has faced scrutiny but has recently seen improved credit ratings and successful capital raises—including a $585m bond in May subscribed solely by Life Insurance Corp. of India.
The deal is structured to extend the airport operator’s debt maturities, and follows a recent Fitch upgrade of MIAL’s credit rating to BBB-, citing enhanced financial stability.
MIAL is majority-owned (74%) by Adani Airport Holdings Ltd, a unit of Adani Enterprises, with the remaining 26% held by the Airports Authority of India.
