GMR airport subsidiary prices $350-mn bonds at lowest coupon rate

GMR is the only group in India to tap the 10-year dollar bond market in the same infrastructure class across assets

GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Group, announced that it has successfully priced an offering of $350-million bond in the international market.

The Hyderabad airport operator has entered into a purchase agreement to issue and allot $350 million of 4.25 senior secured fixed rate notes of 10-year tenure. The proceeds from the notes will be used to entirely refinance the current outstanding rupee term bank loan, bank external commercial borrowing and towards the partial funding of proposed capital expenditure.

"We are delighted on the successful pricing of this transaction. The GMR Group, through Delhi