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Business News/ Companies / Hyderabad airport operator GHIAL mops up $350 million
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Hyderabad airport operator GHIAL mops up $350 million

GHIAL says it has successfully priced an offering of $350 million worth bond in the international bond market

GMR Airports Ltd’s president Sidharath Kapur said pricing of the offering at a rate of 4.25% per annum reflects the resounding fundamentals of the credit of Hyderabad airport. Photo: K. Sudheer/MintPremium
GMR Airports Ltd’s president Sidharath Kapur said pricing of the offering at a rate of 4.25% per annum reflects the resounding fundamentals of the credit of Hyderabad airport. Photo: K. Sudheer/Mint

New Delhi: GMR Hyderabad International Airport Ltd (GHIAL) has raised $350 million by issuing securities and the proceeds will be utilised to refinance loans as well as partially fund capital expenditure, a release said.

GHIAL is a subsidiary of diversified GMR group. In a release Friday, GHIAL said it successfully priced an offering of $350 million worth bond in the international bond market. “GHIAL has entered into a Purchase Agreement to issue and allot USD 350 million of 4.25 per cent senior secured fixed rate notes of 10-year tenure," it said.

At current exchange rate, $350 million amounts to around Rs2,275 crore. The proceeds would be used to entirely refinance the current outstanding rupee term bank loan, bank external commercial borrowing and towards partial funding of proposed capital expenditure.

GMR Airports Ltd’s president Sidharath Kapur said pricing of the offering at a rate of 4.25% 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," he added.

A subsidiary of GMR group also operates the international airport in the national capital.

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Published: 20 Oct 2017, 08:26 PM IST
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