GMR arm raises Rs 2,475 crore to refinance debt

JP Morgan, Tata Cleantech Capital, Aditya Birla Finance, ICICI Financial institution and India Infrastructure Finance Firm Ltd (IIFCL) have supplied a ₹2,475 crore debt facility to GMR Goa Worldwide Airport Ltd (GGIAL), a particular goal automobile of GMR Airports Ltd set as much as construct and function the brand new airport in Goa, stated folks with data of the matter.

The funds can be used to refinance the corporate’s current debt and help its ongoing capex plans, the folks stated. The debt amenities within the type of senior bonds carry a ten% coupon and can mature in 19 years and 10 months.

ICICI Financial institution subscribed to ₹600 crore of bonds, IIFCL (₹500 crore), JP Morgan Securities (₹400 crore), JP Morgan Securities Asia (₹375 crore), whereas Aditya Birla Capital and Tata Cleantech lent ₹300 crore every, the folks stated.

GMR will use ₹1,520 crore proceeds from the bonds to repay time period loans, ₹227 crore for reimbursement of subordinated debt, ₹300 crore to repay sponsors’ debt, ₹290 crore for capex of section 2 of the airport building, in response to the bond paperwork accessible on the Bombay Inventory Trade.

It has a name choice from December 2028 to March 2029 and a put choice in March 2029, the bond paperwork present. The decision choice will give GMR the suitable to purchase again the bonds at a pre-fixed value, and a put choice will give bondholders the suitable to hunt an early exit.

GMR group, ICICI Financial institution, JP Morgan, Aditya Birla Capital, Tata Cleantech, and IIFCL didn’t reply to ET’s request for feedback. ET had reported that GGIAL is planning to boost ₹2,475 crore bonds on November 17.