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Adani Transmission's distribution arm, Adani Electricity Mumbai, has announced the setup of a USD 2 billion Global Medium-Term Notes
program (GMTN).
The GMTN program and the Sustainability Linked Bond issuance is the next step in AEML¡¦s Capital Management Plan.
AEML also settled the maiden takedown of USD 300m under the program today. The order-book for the takedown was oversubscribed by 9.2x by high quality real money global investors and the global geographical split of the investors was Asia ¡V 49%, EMEA ¡V 27% and North America ¡V 24%.
AEML, one of India¡¦s largest integrated utilities, servicing over 12 million consumers in Mumbai, priced its first takedown of USD 300 Mn through 10-year notes under the 144A / REG S format.
With this landmark transaction, AEML¡¦s capital management plan enters the second phase with 100% of the term debt being placed in the international capital markets with the overall maturity now increased to ~9 years.
The transaction marks several firsts for India:
„h - the tightest coupon ever by a BBB- rated utilities issuer in Asia (ex-Japan,
„h - the largest order-book oversubscription ever for a 10-year ESG bond issuance in Asia (exJapan),
„h - the first Sustainability Linked Bond (SLB) issuance from an Indian utility.
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