Khaitan & Co and A&O Shearman advised on the USD 750 million private placement of senior secured notes issued by Mumbai International Airport Limited (MIAL), an Adani Group company. The notes carry a 6.95% coupon and are due in 2029, with an option to issue an additional USD 250 million under the same framework.
The transaction forms part of MIAL’s broader USD 1 billion project finance framework. Proceeds from the issuance were used to redeem MIAL’s existing senior secured notes, and the offering saw participation from a consortium of global investors, including Apollo Global, BlackRock, Standard Chartered Bank (SCB), and MetLife.
Khaitan & Co advised Apollo Management Singapore on Indian legal aspects of the investment. The deal team comprised Ashwin Bishnoi, Prateek Desai, Swathy Ramanath, Gautam Mudgal, Kartikey G, Puja Kumari, Nitin Raghu, Himanshu Gupta, Sonalika Ahuja, and Krishnendu Ghosh.
A&O Shearman acted as international counsel to MIAL. The team was led by Partner Pallavi Gopinath Aney, with support from Kyungwon (Won) Lee, Etienne Gelencser, Hae-Ran Song, Naomi King, and Shinjan Alok.
MIAL operates Chhatrapati Shivaji Maharaj International Airport, one of the world’s busiest single-runway airports, and holds a 74% stake in the upcoming Navi Mumbai International Airport.
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