Latham & Watkins, Linklaters, Cyril Amarchand Mangaldas (CAM), Trilegal and Reed Smith have advised on Apollo Global Management purchasing USD500 million in senior secured private placement notes from an Adani Group subsidiary.
“We are very proud to have worked with Apollo on another landmark transaction,” said Rajiv Gupta, Singapore-based lead partner for the Latham & Watkins team. “This investment supports the growth of one of the largest and most active sectors in the Indian market and underlines our position as a leading adviser on infrastructure matters across Asia.”
Latham & Watkins guided Apollo Global Management’s purchase of the investment-grade notes issued by ATSOL Global IFSC, a subsidiary of Adani Transmission Step-One and part of Adani Energy Solutions, a subsidiary of the Adani Group.
The senior notes would mainly be used to refinance bonds maturing in late 2026 and offer Adani Energy Solutions enhanced balance sheet flexibility to pursue long-term capital expenditure initiatives in support of power infrastructure development and distribution across India funds, Apollo said. Singapore counsel Jeremy Wang and associate Nathanael Po supported Gupta on the transaction. Trilegal also acted for Apollo.
Linklaters acted for the Adani Group and the team was led by partner and head of India group Amit Singh, supported by partner-elect Xunming Lim, managing associate Alwyn Loy and associate Edward Lee.
CAM advised Adani on the issuance aspects of the transaction, which involved navigating cross-border financing considerations and the evolving regulatory framework within 含羞草社区 International Financial Services Centres regime.
Partners Subhalakshmi Naskar, co-head of projects (infrastructure) and Anand Deshpande led the CAM team, with support from senior associate Rohil Deshpande and associate Hrishikesh Jaiswal.
Reed Smith counselled the trustee, Global Loan Agency Services (GLAS).
ATSOL Global IFSC is a new subsidiary of Adani Energy Solutions based in GIFT City, Gujarat. Adani Energy Solutions is the largest Indian private sector power transmission company.
