GIP in talks with Apollo Global to buy Adani bonds

11 Oct 2022 CW Team

Global Infrastructure Partners (GIP) of the United States is in talks with Apollo Global to purchase up to $175 million in offshore bonds in Adani Airports, as the recent secondary market sell-off has made the debt instruments appealing. To be sure, this is a secondary market transaction that will support secondary market prices rather than fund flow into the company. It intends to purchase bonds issued by Mumbai International Airport (MIAL). Earlier this year, Adani Airport Holdings (AAHL) raised $750 million in debt from US-based Apollo Global Management for Mumbai International Airport (MIAL). The funds were raised through USPP Debt bonds, which were privately placed in the United States. The debt papers, which have maturities of seven years or more, have a coupon of about 6.5 per cent.

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