Investor Presentaiton
Probable Financing Structure of Deal
We anticipate that the deal will be 75% debt financed from the
local bank/market (Equity = NIS 975 Mn; Debt = NIS 2925 Mn)
Debt will be raised at the SPV / Holding Company level, and
serviced using dividends/funds received from HPC
Loan terms - 5% interest rate, interest moratorium of 3 years,
bullet repayment of principal on maturity (25 years)
Corporate tax rate assumed in line with country's tax rate
(23%)
APSEZ's equity contribution is around INR 1600 crores
Cost of equity is 16% in INR term and 10% in NIS terms
Effective WACC is 5.4% in NIS terms and 7% in INR terms
APSEZ
70%
adani
Ports and
Logistics
Gadot
30%
SPV/Holdco
(in Israel)
100%
Haifa Port
Company
(in Israel)
Estimated APSEZ's Equity
contribution
is NIS 683 Mn
Deal
financing
75:25
debt: equity
(-USD 200 Mn/-INR 1600 crore)
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