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Allen & Overy advises on the debut bond offering of Adani International Container Terminal Private Limited

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Pallavi Gopinath Aney

Partner

Singapore

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Duque Felipe
Felipe Duque

Partner

Singapore

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22 December 2020

Allen & Overy has advised Adani International Container Terminal Private Limited on its landmark inaugural issue of Rule 144A/Reg S USD300 million 10-year senior secured bonds.

The bonds were issued by Adani International Container Terminal Private Limited, a 50:50 joint venture between Adani Ports & Special Economic Zone Limited (a part of one of India’s largest multinational conglomerates, the Adani Group) and Terminal Investment Limited (the 6th largest container terminal operator globally), with investment grade ratings from S&P, Moody’s and Fitch. Adani International Container Terminal Private Limited operates two major container terminal facilities at Mundra Port, which is the busiest container handling port in India. 

Raphaël Boden, Treasurer, Terminal Investments Limited, said of the deal: “It has been a pleasure working with the Allen & Overy team and we are very pleased with the strong contribution that Allen & Overy has made to this transaction.”

Partner Pallavi Gopinath Aney, who led the transaction, commented: “We are delighted to have assisted our client, Adani International Container Terminal, in this successful debut bond issuance. We continue to advise on some of the most interesting and complex issuances from India and across Asia Pacific. 2020 has been a challenging year for offshore debt issuances from India and this successful transaction reflects a resurgence in investor sentiment.”

Fellow partner Felipe Duque commented: “These bonds are one of the few examples of successful issuances with a project bond structure in Asia. We expect interest in project bonds and, more broadly, capital markets products to finance and refinance infrastructure in South Asia and APAC to increase as these structures offer investors an innovative alternative to traditional debt offerings.”

The Allen & Overy team consisted of partners Pallavi Gopinath Aney and Felipe Duque, with support from senior associate Julie Song and associate Tarang Nagar.