AEML in ‘complex’ US$1bn bond issue


L&L Partners represented Adani Electricity Mumbai Limited (AEML) and Power Distribution Services in the issuance of US$1 billion senior secured notes due 2030.

The investment-grade bond issue generated significant interest from international investors and was oversubscribed by 5.9 times. The transaction is the first offering by a private Indian utility that offers a unique combination of regulatory assets, fixed costs, regulated tariffs and assured cash flows with minimal counterparty risk.

“This was one of the largest single US-dollar bond issuances,” Raghavan told Asia Business Law Journal. “It is of special significance for us as we have been involved with the financing of this issuer right from when it was taken over as a business by the Adani Group.”

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