JP Morgan invests Rs 530 cr in ILFS road arm in AP

Financial major JPMorgan today said it has invested Rs 530 crore in Andhra Pradesh Expressway, a Special Purpose Vehicle floated by IL&FS Transportation Networks, by subscribing to a bond issue. The issue is important as this is the first such bond sale in two years and first instance of a private capital market investor investing in the bonds of an infrastructure SPV, said JP Morgan, which was the sole book-runner and structuring advisor to the issue. JP Morgan also said the bonds were partly distributed to domestic mutual funds.

Andhra Pradesh Expressway owns a concession for 74.6 km stretch on the NH 7, from the Kotakatta Bypass to Kurnool in Andhra Pradesh. The non-convertible debenture (NCD) sale, which took place on November 8, consisted of listed, rated and secured bonds, according to JP Morgan. IL&FS could not be reached for comments. The project was awarded to Andhra Pradesh Expressway in 2006 and was commissioned in 2009. Under the concession agreement, the company is entitled to receive an annuity amount on a semi-annual basis from the National Highway Authority during concession period.

The bonds, which carry AAA ratings by Icra and India Ratings, are structured in the form of seven tranche series having staggered maturity with the final tranche maturing at the end of 13 years.

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