Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

GMR Hyderabad International Airport to allot $350 Mn of 4.25% senior secured fixed rate notes

Posted On: 2017-10-20 05:04:38

GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Limited and GMR Infrastructure Limited (GMR Group), announced that it has on 19th October 2017 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 ("ECB") and towards partial funding of proposed capital expenditure.

Commenting on the occasion, Mr. Grandhi Kiran Kumar, Corporate Chairman, GMR Group ("the Group") said, "We are delighted on the successful pricing of this transaction. 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. GMR group is the only group in India to tap the 10-year US Dollor bond market in the same infrastructure class across assets. 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. The successful pricing of the offering underscores investors' confidence in GMR Group and credit strength of GHIAL".

Mr. Sidharath Kapur, President, GMR Airports Ltd, said, "The pricing of the offering at a rate of 4.25% p.a. reflects the resounding fundamentals of the credit of Hyderabad Airport and that of the Indian growth story. 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 Dollor bond coupon by a corporate high yield issuer from Asia and the lowest US Dollor bond coupon achieved by an Indian high yield issuer across tenors. The proceeds of the offering will completely refinance the bank term loans at Hyderabad Airport and is expected to bring a long dated efficient termed out structure ideal for regulated infrastructure projects into our capital structure".

The other key highlights of the transaction are:

1) Inaugural US Dollar bond offering by GHIAL
2) Third consecutive US Dollar bond offering by GMR group
3) Lowest US Dollar 10-yr bond coupon by a Corporate High Yield Issuer from Asia.
4) Lowest US Dollar bond coupon ever achieved by an Indian High Yield Issuer
5) Price tightening of 37.5 bps from the initial guidance to final pricing

Bank of America Merrill Lynch and HSBC acted as Joint Global Coordinators while Citigroup and J.P. Morgan acted as Joint Book Runners for the issue with Yes Bank as Joint Lead Manager and Elara Capital as Co-Manager.

Shares of GMR INFRASTRUCTURE LTD. was last trading in BSE at Rs.16 as compared to the previous close of Rs. 16.05. The total number of shares traded during the day was 512111 in over 582 trades.

The stock hit an intraday high of Rs. 16.2 and intraday low of 15.8. The net turnover during the day was Rs. 8198653.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

High Energy Batteries India Ltd appoints CFO
Fire accident at Ankit Metal & Power Ltd's plant
SQS India BFSI Ltd updates on winding up of German subsidiary
Infosys Invests an Additional USD 1.5 Million in Waterline Data Science
United Spirits to consider stock split
20 Microns Nano Minerals Ltd submits DRHP for SME IPO in NSE Emerge
JSW Energy Ltd secures Power Purchase Agreement for supply of 200MW
Dilip Buildcon Ltd receives LOA from HAI for EPC project valued Rs. 677.07 crore
Covestro awards L&T Technology Services Multi-Million Dollar ER&D project
Hero MotoCorp arm increases stake in JV company
Twinstar Industries Ltd appoints director
ISL Consulting Ltd announces resignation of CFO
Nath Pulp & Paper Mills Ltd appoints company secretary
Future Market Networks Ltd sells commercial space in Ahmedabad
Cox & Kings Ltd sells 11.58% stake in subsidiary
Anjani Portland Cement Ltd to set up additional clinker producing unit
Emami Paper Mills Ltd allotted land for expansion project by GIDC
Sundram Fasteners Ltd announces change in KMP
MCX to launch world's first Brass Futures Contract
RCom clarifies on Supreme Court Order
Legacy Mercantile Ltd appoints director
Balaji Telefilms Ltd announces resignation of Mr. Jyotindra Thacker
Tata Global Beverages Limited reappoints Executive Director
HIL Bags TPM Excellence Award At Three Of Its Roofing Plants
Prataap Snacks Ltd celebrates achievement of Rs. 1000 crore annual turnover
Saudi Real Estate Refinance Company deploys TCS BaNCS
Hubtown Ltd appoints Mr. Shailesh Hingarh as director
Hind Securities & Credits Ltd announces resignation of company secretary
Kesar Terminals & Infrastructure Ltd announces resignation of Shri R H Kilachand
L&T Construction's Water & Effluent Treatment Business enters GUINNESS WORLD RECORDSŪ books
Reliance Infrastructure moves Hon'ble Commercial Court, Goa for payment of Arbitration Award
AIA Engineering Ltd declares interim dividend of Rs. 8 for 2017-18
Thomas Cook India launches Hello Series - a One Week Getaway featuring a single standalone destination
NHPC Ltd synchronizes Unit II of Kishanganga HE project
Suven Life Sciences secures Product Patents in Norway, South Korea and Singapore
CARE Ratings re-affirms ratings of IPCA Labs' long term / short term bank facilities
Genus Power Infrastructures wins order worth Rs. 125 crore
Aurionpro bags Rajasthan Government's prestigious Smart City Initiative '3D City' Jaipur project
IRB Infrastructure Developers Ltd emerges preferred bidder for road project in UP
TCS Recognized as a Leader in Software Product Engineering Services by Everest Group
Zensar acquires Guidewire Platform Implementation service provider Cynosure Inc
Sandur Manganese and Iron Ores Ltd receives 5 Star Rating for its mines
Binani Industries Ltd clarifies on media reports on fraud
ISL Consulting Ltd appoints CFO
Sibar Autoparts Ltd calls for Board Meeting on Mar 28, 2018
OIL's to participate in Assam Petro-Chemicals Limited's projects
Pricol Limited receives ARAI Certificate for Telematics Devices
PC Jeweller Ltd to open 2 new showrooms at Aurangabad, Hardoi
Sun Pharma Announces U.S. FDA Approval of ILUMYA™

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018