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Aviation Industry News

GMR Hyderabad Airport to raise Rs 12.50 bn via NCDs

Tuesday 6th Dec 2022    208
GMR Hyderabad Airport to raise Rs 12.50 bn via NCDs
 
Hyderabad :

GMR Hyderabad International Airport (GHIAL), which manages the aerodrome here, plans to raise Rs 12.50 billion through non-convertible bonds to be used for prepaying the dollar bonds due in April 2024 or February 2026, said rating agency India Ratings & Research has said.

GHIAL (excluding subsidiaries) had a debt of Rs 70.50 billion as of September 30, 2022, which consisted of $950 million bonds. The dollar bonds have bullet maturities in April 2024, February 2026 and October 2027, the bureau said.

The proposed Rs 125 billion NCDs will be used in full for the early redemption of the bonds maturing in April 2024 or February 2026. Depending on the accumulated cash, debt refinancing is likely to be required in April 2024 while an IND AA/Stable rating is assigned to the bonds. It also awarded the IND AA/Stable rating to the Rs 250 crore bank loan proposed by GHIAL.

 
 
 
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