Delhi International Airport (DIAL), a subsidiary of GMR Infrastructure (GMR Group), has raised $288.75 million or Rs 1,762 crore in its first foray into the international bond market. The proceeds would be used to refinance the current outstanding external commercial borrowing (ECB).
The company claims the pricing was done at a very competitive rate and will reduce the overall financial burden on the Airport by way of interest cost reduction and repayment holiday which will increase the liquidity.
The 8 year bond bears a 6.125 per cent interest rate and matures in 2022.
GM Rao, chairman, GMR Infrastructure, said in a statement, this deal marks the Group’s first foray into international bond market. The issuance buoyed by strong investor demand across geographies was oversubscribed many times over. That the deal has been concluded despite volatile market conditions in Europe shows the investor confidence in India under its strong and decisive leadership and the strong credit fundamentals of GMR Group and Delhi Airport.
28/01/15 Vikas Srivastav/mydigitalfc
The company claims the pricing was done at a very competitive rate and will reduce the overall financial burden on the Airport by way of interest cost reduction and repayment holiday which will increase the liquidity.
The 8 year bond bears a 6.125 per cent interest rate and matures in 2022.
GM Rao, chairman, GMR Infrastructure, said in a statement, this deal marks the Group’s first foray into international bond market. The issuance buoyed by strong investor demand across geographies was oversubscribed many times over. That the deal has been concluded despite volatile market conditions in Europe shows the investor confidence in India under its strong and decisive leadership and the strong credit fundamentals of GMR Group and Delhi Airport.
28/01/15 Vikas Srivastav/mydigitalfc
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