Debt

Debt financing

GMR Airports raises Rs.1,100-Cr via NCDs from Deutsche Bank

Economic Times  

GMR Airports has raised INR 1,100 crore from Deutsche Bank through a private placement of non-convertible bonds. The bonds, carrying a 10.75% yield, will mature on February 25, 2028. The company will use the proceeds to fund its acquisition of Fraport’s stake in Delhi International Airport (DIAL).GMR has been actively restructuring its debt to cut borrowing costs. In June, DIAL refinanced USD 450 million of high-cost foreign debt into domestic bonds. Its consolidated net debt, excluding foreign currency convertible notes, stands at INR 29,700 crore, driven by borrowings for the Bhogapuram Airport project, forex impacts on dollar bonds and the Delhi airport’s capital expenditures.