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Bond Market News
Adani Electricity Purchases $49.5mn of 2030s; Mumbai Airport Subsidiary Inks $750mn Deal
June 24, 2025
Adani Electricity Mumbai Ltd. has repurchased and cancelled $49.5mn of its 2030 notes, funded entirely through internal cash flows. This marks Adani Electricity’s second liability reduction effort, following a $120mn repurchase in November 2023. The notes, initially issued in 2020 with a $1bn size and a 3.949% coupon, now have $830.5mn principal outstanding. The company highlighted its strong cash generation and financial flexibility, and may pursue further debt management actions based on market conditions.
In related news, Mumbai International Airport Ltd., a subsidiary of Adani Airport Holdings, secured a $750mn investment through 4Y unsecured notes led by Apollo-managed funds, aimed at refinancing existing debt, with an option to raise an additional $250mn. This comes just a few weeks after Adani Airport secured a similar $750mn investment from a consortium of international banks. The company operates eight airports in India and is expected to be spun-off and listed by March 2027.
Adani Electricity’s 3.949% 2030s traded stable at 88.69, yielding 6.84%.
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