GMR airports to raise Rs 19.50 bn debt at 13%+ yield

21 Nov 2023 CW Team

GMR Airports Holdings is planning to secure Rs 19.50 billion through a high-yield debt offering with a coupon rate of 13.275% and a three-year tenure.

It was disclosed by informed sources that Credit Solutions India Trust has committed Rs 5 billion as the anchor investor for this offering.

The coupon rate comprises a 5% cash coupon and an 8.275% redemption premium paid on an annual basis. An 'A-' rating has been assigned to the issue by Care Ratings, and the subscription book is set to open on November 20.

According to one of the sources, GMR is offering higher coupons because it is borrowing money at the holding company level.

It was reported last week that GMR Goa Airport had raised funds at a rate of 10%. Queries made to a GMR spokesperson did not receive an immediate response.

GMR Airports Holdings, which acts as the parent company for Delhi International Airport (DIAL) and GMR Hyderabad International Airport (GHIAL), intends to utilize the funds raised to refinance its outstanding non-convertible bonds (NCBs). Additionally, sources suggest that the surplus funds will be directed towards investments and potential stake purchases in subsidiaries.

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