Adani Electricity makes US$1bn bond issuance

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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.

The notes received investment-grade ratings from Fitch, S&P and Moody’s, and offered to investors within and outside the US pursuant to rule 144A and regulation S under the US Securities Act, 1933, as amended.

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