Delhi International Airport Ltd (DIAL), a subsidiary of GMR Airports and a step-down subsidiary of GMR Infrastructure, said on Thursday it has successfully priced tap of senior secured notes worth 150 million dollars due in 2029 (10 years bond) along with earlier senior secured notes of 350 million dollars.
The notes have been priced at an effective interest rate of 5.343 per cent and have been oversubscribed by more than eight times. The proceeds will be utilised to partly finance the phase 3A expansion.
"This confidence of investors reinforces our ability to raise funds from international bond markets and reflects our continued effort to create value for our investors and raise capital for growth," said Grandhi Kiran Kumar, Corporate Chairman of GMR Group.
"The successful pricing of offering underscores investors' confidence in GMR Group and credit strength of DIAL," he said in a statement.
DIAL is a joint venture company comprising the GMR Group, Airports Authority of India and Fraport AG. The project being developed by DIAL under the public-private partnership has been given the mandate to finance, design, build, operate and maintain the Delhi airport for 30 years with an option to extend it by another 30 years.
GMR Group's airport portfolio has around 172 million passenger capacity in operation and under development, comprising of India's busiest Indira Gandhi International Airport in New Delhi, Hyderabad's Rajiv Gandhi International Airport and Mactan Cebu International Airport in partnership with Megawide in the Philippines.
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