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Hyderabad airport operator to raise Rs 1,250 crore to retire forex debt

To float AA-rated 10-year NCDs at a lower rate of interest than the 5.37% coupon on dollar-denominated senior secured notes due for repayment in April 2024

GMR group, airport
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A substantial reduction in project execution risk is expected, with commercial operations likely to start in Q4FY23 for the new terminal.

Abhijit Lele Mumbai
GMR Hyderabad International Airport Ltd (GHIAL) is planning to raise Rs 1,250 crore through non-convertible debentures (NCDs) from the domestic market to partially repay foreign exchange loans amounting to $300 million.

GHIAL's dollar-denominated senior secured notes (aka bonds), which carry a coupon rate of 5.37 per cent, are due for repayment in April 2024. These would be partly refinanced with 10-year NCDs at a lower rate of interest. The 'AA'-rated NCDs would help improve GHIAL's debt maturity profile, rating agency Icra said in a statement.

Icra also upgraded the outlook on various financial instruments from “stable” to “positive”, while factoring

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