Published on 7/27/2021 in the Prospect News Emerging Markets Daily.
New Issue: India’s Adani Ports prices $750 million notes due 2032, 2041
By Marisa Wong and Cristal Cody
Los Angeles, July 27 – Adani Ports and Special Economic Zone Ltd. priced $750 million of notes (Baa3/BBB-/BBB-) in two tranches, according to a market source.
The company priced $300 million of 3.828% notes due Feb. 2, 2032 at a spread of 255 basis points over Treasuries. Initial price talk was in the Treasuries plus 280 bps area.
The company also priced $450 million of 5% notes due Aug. 31, 2041 at a spread of 325 bps over Treasuries. Initial price talk was in the 5¼% area.
Axis, BofA, Barclays, Citi, DBS, Emirates NBD, JPMorgan, Mizuho, MUFG, SMBC and Standard Chartered Bank are the bookrunners.
The port operator and logistics company is based in Ahmedabad, India.
| Issuer: | Adani Ports and Special Economic Zone Ltd.
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| Issue: | Notes
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| Amount: | $750 million
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| Bookrunners: | Axis, BofA, Barclays, Citi, DBS, Emirates NBD, JPMorgan, Mizuho, MUFG, SMBC and Standard Chartered Bank
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| Pricing date: | July 26
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| 2032 notes
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| Amount: | $300 million
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| Maturity: | Feb. 2, 2032
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| Coupon: | 3.828%
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| Spread: | Treasuries plus 255 bps
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| Initial price talk: | Treasuries plus 280 bps area
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| 2041 notes
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| Amount: | $450 million
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| Maturity: | Aug. 31, 2041
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| Coupon: | 5%
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| Spread: | Treasuries plus 325 bps
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| Initial price talk: | 5¼% area
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