gmr: GMR Airports to repay bulk of Rs 1,330-cr domestic bonds – Blue Barrows

GMR Airports will repay about three-fourths of the ₹1,330 crore in outstanding domestic bonds due next week and the balance will be paid two years later, an arrangement on repayments involving the borrower and bondholders showed.

The company had raised ₹1,330 crore at 6% in unsecured bonds in September 2020 which are due to mature on September 24. It would repay ₹985 crore on due date.

It raised ₹665 crore from DB International (Asia), ₹640 crore from Standard Chartered Bank (Singapore) and ₹25 crore from Aditya Birla Special Situation Fund, disclosures made by the company to stock exchange showed. GMR Airports would fully repay DB and Aditya Birla’s bonds, while part payment would be made to StanChart, said the exchange disclosure.

Of the ₹640 crore bonds raised from Standard Chartered two years ago, the company would redeem ₹295 crore on September 24 while ₹345 crore would be paid after two years.

The company received A- rating from

to raise ₹1,500 crore in non-convertible debentures (NCD). GMR Airports Ltd (GAL) is in the process of raising ₹1,110 crore through fresh bond issuance to refinance the bonds due on September 24, Care Ratings said in a statement issued on Thursday.

GMR Airport Ltd is the holding company of Delhi International Airport and GMR Hyderabad International Airport. Groupe Aeroport de Paris (Groupe ADP), a major international airport operator, has a 49% stake in GAL.

Care Ratings has rated ₹200 crore bank facilities of GAL as A-. The company has raised ₹3,700 crore in bonds rated CARE A-.

On September 2, GMR Group announced it had entered into a definitive agreement to sell its entire 40% stake in Cebu international airport in the Philippines for an upfront payment of ₹1,330 crore.

In a statement issued to the media, the company had said that the sale was aimed at ‘significant deleveraging of GMR Airports Ltd.’ Care Ratings said that the proceeds from the stake sale are expected to be realized by GAL in the fourth quarter of this fiscal year.