Debt

Debt financing

JP Morgan, ICICI, Tata Cleantech Capital, others lend Rs.2,475-Cr to GMR's Goa Airport

Economic Times  

JP Morgan, ICICI Bank, Tata Cleantech Capital, Aditya Birla Finance, and India Infrastructure Finance Company Ltd (IIFCL) have provided an INR 2,475 crore debt facility to GMR Goa International Airport Ltd (GGIAL), a special purpose vehicle of GMR Airports Ltd set up to build and operate the new airport in Goa. The debt, in the form of senior bonds, carries a 10% coupon and will mature in 19 years and 10 months. ICICI Bank subscribed to bonds worth INR 600 crore. The other investors were IIFCL (INR 500 crore), JP Morgan Securities (INR 400 crore) and JP Morgan Securities Asia (INR 375 crore). Aditya Birla Capital and Tata Cleantech lent INR 300 crore each. GMR will use INR 1,520 crore proceeds from the bonds to repay term loans, INR 227 crore for repayment of subordinated debt, INR 300 crore to repay sponsors' debt and INR 290 crore for capex of phase 2 of the airport construction.