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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

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