Ad Ports and Special Economic Zone (APSEZ) has said its joint venture will raise USD 300 million to shake off its debt.
Ad International Container Terminal Pvt Ltd (AICTPL), a 50:50 joint venture of APSEZ and Terminal Investment Ltd Holding SA, priced an offering of USD 300 million at three per cent senior secured notes due in 2031, the company said in a statement.
The notes are expected to be rated Baa3 by Moody's Investors Service, BBB-minus Standard & Poor and BBB-minus by Fitch Ratings.
"AICTPL intends to use the proceeds from the offering to repay all of its existing senior indebtedness and to repay a portion of the subordinated shareholder loans availed by it," the company added.
APSEZ is the largest private port developer and operator in the country with operations across 10 ports (nine operational). It handled around 22 per cent of the country's cargo volumes in FY20, up from about 10 per cent in FY10.
At 3 pm, the APSEZ stock was trading 2.09 per cent higher at Rs 476.75 per unit.
( With inputs from ANI )
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