GMR Hyderabad International Airport to Raise Rs 1,250 Crore Via NCD to Prepay Maturing USD Bonds

GMR Hyderabad International Airport Limited plans to use the funds to prepay USD bonds maturing in April 2024 or February 2026.

GMR Hyderabad International Airport Ltd (GHIAL), which operates here, plans to raise Rs 1,250 crore in non-convertible bonds to be repaid in dollars due in April 2024 or February 2026, rating agency India Ratings & Research said.

As of September 30, 2022, GHIAL (excluding subsidiaries) has a debt of Rs 7,050 crore, including bonds of $950 million. The agency said that US dollar bonds have maturities in April 2024, February 2026 and October 2027.

“The proposed NCD of Rs 12,500 million (Rs 1,250 crore) will be fully used to prepay bonds maturing in April 2024 or February 2026. Depending on the cash accrual, the debt may need to be refinanced in April 2024,” it said. At the same time, it granted the bond IND AA/stable rating. It has also assigned an IND AA/Stable rating to GHIAL’s proposed Rs 250 crore bank facility.

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