GMR Hyderabad International Airport, a step-down subsidiary of GMR Airports, has raised US$300 million through a high-yield senior secured bond with a five-year tenor. The proceeds of the offering will be used to fund the expansion of Rajiv Gandhi International Airport in Hyderabad.
This was the first foreign high-yield offering (a high paying bond that has a below investment-grade credit rating) by an Indian company under the new external commercial borrowings (ECB) framework. It is GMR’s second high-yield bond issuance. The first one, priced in 2016, was used to refinance rupee debt.
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