Debt financing

GMR Airports raises Rs.1,950-Cr for 3 yrs to refinance debt

Economic Times  

Standard Chartered Bank, JPMorgan, Deutsche Bank, a Varde Partners entity and Trust Investment Advisors have jointly provided an INR 1,950 crore, three-year debt facility to GMR Airports in the form of senior unsecured bonds. Varde-backed Credit Solution India Trust and Standard Chartered Singapore subscribed to INR 500 crore each of GMR Airports bonds; while JPMorgan and Deutsche Bank subscribed to INR 435 crore each. Trust Investments Advisors put in the remaining INR 80 crore. GMR Airports, the holding company of the airports in Delhi, Hyderabad and Goa, will use the proceeds to refinance high-cost borrowings and partly to invest in subsidiaries. The coupon rate of 13.275% comprised 5% as cash coupon and 8.275% as redemption premium.

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