Adani Electricity Completes First Ever USD Bond Issuance By A Private Integrated Utility From India

Ahmedabad, 06 February, 2020: Adani Group’s move in the dollar bond market has led to amplified interest for foreign investors in the Indian utility space. Adani Electricity Mumbai Ltd (AEML) (a wholly owned subsidiary of Adani Transmission Ltd (ATL)), has completed issuance of USD 1 billion 3.949% bonds with an over-subscription of 5.9x.

AEML’s bond structure met the stringent standards for being considered as investment-grade by Moody’s and Fitch Ratings.

AEML is the licensee for an integrated power distribution, transmission and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai, the world’s seventh largest city by size of population. AEML’s market share of Mumbai is approximately 87% by license area, 67% by consumers served and 55% by electricity supplied.

Our issue has manifested a new juncture of development for Indian issuers. Our efforts to reach a broad range of investors through the 144A and Reg S format paid off as US accounts picking up 29% of the bonds, alongside 43% allocation to Asia and 28% to EMEA. The transaction witnessed very strong participation from real money accounts including some very high quality real money names, which is evident from the well distributed investor statistics. The issuance saw strong global participation leading to final order-book over USD 5.9bn with participation from across 245 accounts. The order-book at USD 5.9bn was the largest ever for a private infrastructure transaction in India. As soon as the transaction was announced, orders flowed in quickly and the books were covered within the first hour itself, which led to the transaction seeing strong participation from high quality, blue-chip real money funds and asset managers.

The placement consists of a 10-year paper with a bullet maturity. The proceeds will be used to repay existing INR denominated indebtedness of AEML and (ii) for general corporate purposes if any, in each case subject to compliance with applicable laws and regulations and as permitted by the Reserve Bank of India (“RBI”) under the ECB Guidelines.

Barclays, Citigroup, DBS Bank Ltd., Deutsche Bank, Emirates NBD Capital, J.P. Morgan, MUFG, and Standard Chartered Bank were joint book-runners and lead managers. BofA Securities, Credit Suisse, and Mizuho Securities were the joint lead managers.

About Adani Electricity Mumbai Limited (AEML)

Adani Electricity Mumbai Limited, part of the diversified Adani Group, is an integrated business of power generation, transmission and retail electricity distribution. AEML owns and operates the largest and the most efficient power distribution network in India. AEML serves over 3 million consumers spread across 400 sq. km. in Mumbai and its suburbs meeting close to 2,000 MW of power demand with 99.99% reliability, which is among the highest in the country. AEML provides excellent customer care services with the help of advanced technologies.

For more information, please visit www.adanielectricity.com

About Adani Transmission Limited (ATL)

Adani Transmission Limited is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates. ATL is the country’s largest private transmission company with a cumulative transmission network of around 14,340 ckt. km., out of which 11,470 ckt. km. is operational and 2,860 ckt. km. is at various stages of construction. With India’s energy requirement set to quadruple in coming years, ATL is fully geared to create a strong and reliable power transmission network and work actively towards achieving ‘Power for All’ by 2022.

For more information, please visit www.adanitransmission.com