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GMR’s Delhi Airport raises $523 mn from overseas
Delhi International Airport Ltd (DIAL), a part of GMR group, has raised $522.6 million by selling 10-year bonds in the international market at a coupon of 6.125 per cent.
Hyderabad: Delhi International Airport Ltd (DIAL), a part of GMR group, has raised $522.6 million by selling 10-year bonds in the international market at a coupon of 6.125 per cent. The company said the proceeds from the notes will be used to entirely refinance the current outstanding rupee loans and external commercial borrowings.
“The successful completion of the deal underscores investor's confidence in GMR group and strong credit of DIAL. The initiative is reflective of our continual efforts to create value for our investors and boost liquidity within the group through financial innovation,” Srinivas Bommidala, Business Chairman - Airports, GMR group.
The issue is as per RBI regulations on automatic route for ECBs and the amount raised is capped by the outstanding amount of the rupee term loans and the ECB "The deal completely refinances entire bank term loans in DIAL and brings a long dated termed out structure ideal for infrastructure projects," said Sidharath Kapur, president, GMR Airports.
Kapur said the company got a good pricing as the final pricing was fixed at 6.125 per cent against an initial pricing of 6.50 per cent, reflecting the strength of the book and saw investment interest coming from high quality investors in Asia, Europe and the US.
The Reg S bond issue is the first 10-year high yield USD bond transaction from the country this year. Citigroup and Standard Chartered Bank acted as joint global coordinators, while Citigroup, Standard Chartered, Axis Bank, HSBC Bank, Deutsche Bank, Goldman Sachs, JP Morgan and MUFG acted as joint book runners for the issue.
