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Latham & Watkins Advises Adani Ports in US$750 Million International Bond Offering

August 13, 2021
Asia deal team advised India’s largest commercial ports operator in the issuance.

Adani Ports and Special Economic Zone Ltd (APSEZ), the transport and logistics arm of the diversified Adani portfolio, successfully priced a US$750 million senior unsecured US dollar notes issuance with 20 years and 10.5 years tranches at a fixed coupon of 5.0% and 3.8% respectively.

The issuances were oversubscribed more than three times and make APSEZ the only infrastructure company in India to successfully raise 20 years money from international markets. The proceeds will be used to finance the company's capital expenditures and for general corporate purposes.

The Joint Lead Managers were Axis Bank, Barclays, Citigroup, DBS Bank, Emirates NBD, JP Morgan, Merrill Lynch, Mizuho Securities, MUFG Securities, SMBC Nikko, and Standard Chartered Bank.

Latham advised APSEZ in the transaction with a team led by Singapore partner Rajiv Gupta with associate Esha Goel. Within the Adani Group APSEZ is the third issuer of long tenor bonds after Adani Green Energy Ltd and Adani Transmission Ltd; Latham also advised on both of these issuances.

About Adani Ports and Special Economic Zone Ltd (APSEZ)

APSEZ is the largest commercial ports operator in India accounting for nearly one-fourth of the cargo movement in the country. Its presence across 13 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha presents the most widespread national footprint with deepened hinterland connectivity.

About Latham’s India Practice

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$80 billion since 2018.