Mumbai International Airport raises $750-million long-term debt

Mumbai International Airport (MIAL), run by Adani Airport Holdings (AAHL), has raised $750 million in debt from US-based alternative investment fund Apollo Global Management. The funds are primarily meant for refinancing the airport’s short-term debt. The money has been raised in the form of senior secured private placement notes, usually used by institutional investors to lend to companies just like banks. “Apollo’s credit business was able to provide a scaled, long-term capital solution for MIAL, with the majority of proceeds from the 7.25-years, $750 million notes,” MIAL said in a statement.