Apollo-managed credit funds have purchased $750m of senior secured private placement notes from MIAL, owner of Chhatrapati Shivaji Maharaj International Airport in Mumbai.

Apollo was able to provide a scaled, long-term capital solution for MIAL (Mumbai International Airport Ltd), with a majority of proceeds from the seven-year notes to be used to refinance shorter maturity loans and new capital expenditure.

“We are set to transform Mumbai Airport from a functional transit point into a vibrant, full-fledged business, hospitality and leisure ecosystem,” said Prakash Tulsiani, CEO of MIAL.

“Combined with the Adani Portfolio’s proven speed of execution, the proceeds of this issuance will allow us to accelerate MIAL’s transformation and provide immense value to our stakeholders in the post-pandemic period and thereby improve the consumer experience.”

Over the past 12 months, Apollo has provided more than $1bn of capital commitments in India and the transaction builds upon significant momentum across the broader Asia-Pacific region, including strategic investments in Hong Kong and Australia.