Adani Transmission's distribution division, Adani Electricity Mumbai, has proclaimed 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 stage in AEMLs Capital Management Plan.
AEML also established 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 spilled of the investors was Asia V 49%, EMEA V 27% and North America V 24%.
AEML, one of India’s largest incorporated 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 milestone transaction, AEMLs capital management plan joins 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 quite a few 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.