New Issue: India’s Adani Ports sells $650 million 3½% five-year notes at 195 bps over Treasuries

By Christine Van Dusen

Atlanta, July 22 – India’s Adani Ports and Special Economic Zone Ltd. sold $650 million 3½% five-year notes (expected ratings: Baa3/BBB-/BBB-) at 99.524 to yield Treasuries plus 195 basis points, a market source said.

BofA Merrill Lynch, Barclays, Citigroup and Emirates NBD Capital were the bookrunners for the Rule 144A and Regulation S deal.

The proceeds will be used to fund new projects.

The issuer is based in Gujarat, India.

Issuer:	Adani Ports and Special Economic Zone Ltd.
Amount:	$650 million
Maturity:	July 29, 2020
Description:	Senior notes
Bookrunners:	BofA Merrill Lynch, Barclays, Citigroup, Emirates NBD Capital
Coupon:	3½%
Price:	99.524
Spread:	Treasuries plus 195 bps
Trade date:	July 22
Settlement date:	July 29
Expected ratings:	Moody's: Baa3
	Standard & Poor's: BBB-
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S

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