GMR Airports finalises details of its biggest bond issue: Report
GMR Airports
has finalised the terms of what would be its biggest corporate
debt
issue as it aims to raise more than 60 billion rupees ($685.13 million), three sources aware of the developments said on Thursday.
The country's second-largest airport operator will raise 18 billion rupees through the
sale
of 18-month bonds. This issue is largely expected to be placed with mutual funds.
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It will also raise around 42 billion rupees through the sale of three-year bonds, with large foreign lenders set to absorb this supply.
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GMR Airports finalises details of its biggest bond issue: Report
India's GMR Airports has finalised the terms of what would be its biggest corporate debt issue as it aims to raise more than 60 billion rupees ($685.13 million), three sources aware of the developments said on Thursday.
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The company will pay an annual coupon of 10.50% on both the maturities, and the fundraising would be completed in the next few days, the sources added.
All the sources requested anonymity as the talks are still private.
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GMR Airports did not respond to a Reuters email seeking comment.
The bonds of the company, which currently manages multiple airports including those in Delhi and Hyderabad, are rated A+ by Crisil. ($1 = 87.5740 Indian rupees)
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