GMR Hyderabad Airport raises $350 mn

GMR Hyderabad Airport raises $350 mn

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GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Limited and GMR Infrastructure Limited (GMR Group), announced that it has successfully priced an offering of US$ 350 Mn bond in the international bond market.

GHIAL has entered into a Purchase Agreement to issue and allot US$ 350 Mn of 4.25% senior secured fixed rate notes of 10 year tenure (the “Notes”).

The proceeds from the Notes will be used to entirely refinance the current outstanding Rupee Term Bank Loan (“RTL”), Bank External Commercial Borrowing and towards partial funding of proposed capital expenditure.

Grandhi Kiran Kumar, Corporate Chairman, GMR Group (“the Group”) said, “The GMR Group, through Delhi International Airport Ltd. was the first Indian company to issue 7 year and 10 year High Yield bonds in the infrastructure space. The offering through GMR Hyderabad International Airport Ltd. (GHIAL) reinforces our ability to raise funds from the International Bond Markets. The bond offering reflects our continued effort to create value for our investors and boost liquidity within the GMR Group.”