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Hyderabad intl airport operator raises $350 mn
GHIAL, Hyderabad airport operator, has mobilized $350 million (Rs2,280 cr) by issuing securities. It’ll utilize the funds to refinance loans as well as partially fund capital expenditure, according to a statement.
Hyderabad: GHIAL, Hyderabad airport operator, has mobilized $350 million (Rs2,280 cr) by issuing securities. It’ll utilize the funds to refinance loans as well as partially fund capital expenditure, according to a statement. GMR Hyderabad International Airport Ltd (GHIAL) is a subsidiary of diversified GMR group and also operates the Delhi international airport.
- GHIAL will use proceeds to refinance rupee term bank loan, ECBs & partial fund proposed capex
GHIAL will use the mobilized funds to refinance the current outstanding rupee term bank loan, bank external commercial borrowing (ECBs) and towards partial funding of proposed capital expenditure.
Sidharath Kapur, president, GHIAL, said: “Pricing of the offering at a rate of 4.25 per cent per annum reflects the resounding fundamentals of the credit of Hyderabad airport.
It saw global investment interest from high quality investors in Asia, Europe and USA and was oversubscribed multiple times. This pricing is a benchmark being the lowest 10-year US dollar bond coupon by a corporate high yield issuer from Asia and the lowest US Dollar bond coupon achieved by an Indian high yield issuer across tenors.”
GHIAL has priced an offering of $350 million worth bond in the international bond market. It further said in the release that “GHIAL has entered into a purchase agreement to issue and allot $350 million of 4.25 per cent senior secured fixed rate notes of 10-year tenure.
