Adani Ports JV to raise $300 mn

Adani International Container Terminal Private Limited ("AICTPL"), a 50:50 joint venture of Adani Ports and Special Economic Zone Limited and Terminal Investment Limited Holding S.A., priced an offering of US$ 300 million 3.00% Senior Secured Notes due 2031 (the "Notes", and such offer of the Notes, the "Offering"). The Notes will be issued to institutional investors permitted to invest in the Notes under applicable laws.

The Notes are expected to be rated "Baa3" by Moody's Investors Service Inc., "BBB-" Standard & Poor's Ratings Services and "BBB-" by Fitch Ratings Inc.

AICTPL intends to use the proceeds from the Offering, upon receipt of requisite approvals, to repay all of its existing senior indebtedness and to repay a portion of the subordinated shareholder loans availed by it, in accordance with applicable laws and regulations and as permitted by the Reserve Bank of India including under the directions issued by it in respect of external commercial borrowings.

Shares of ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD. was last trading in BSE at Rs.467 as compared to the previous close of Rs. 466.25. The total number of shares traded during the day was 197179 in over 3228 trades.

The stock hit an intraday high of Rs. 478 and intraday low of 463.3. The net turnover during the day was Rs. 92199317.

Source : Equity Bulls

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