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Monday 04 December 2017 by Company updates

AAPT prices USD bonds, reduces refinance risk

Adani Abbot Point Terminal Pty Limited (AAPT) priced USD500m of five year senior secured bonds with a coupon of 4.45%

On 1 December 2017, Adani Abbot Point Terminal Pty Limited (AAPT) priced USD500m of five year senior secured bonds with a coupon of 4.45%.

We believe that this is a positive milestone for AAPT, as the company has materially reduced the refinancing risk of AUD976m of debt maturing in November 2018. The AUD976m consists of AUD396m of medium term notes and AUD580m of bank debt.

A recent Thomson Reuters article (24 November 2017) noted that AAPT has still to finalise a bank refinancing loan of up to AUD500m.

AAPT’s new senior secured notes are expected to be rated investment grade by both S&P and Fitch. Both credit ratings agencies have a stable outlook on the respective ratings, expecting that AAPT will, in general, be able to successfully refinance the close to AUD1bn of debt in the next six months.

AAPT has experienced more challenges to its refinancing efforts than its peers, mostly due to the lack of appetite from major lenders to coal related infrastructure entities, in particular greenfield developments.

AAPT’s next debt is due in May 2020 when its AUD100m of senior secured notes will mature and another AUD170m of bank debt is due in November 2020.

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