Monday, May 06, 2019

Khaitan acts o $300m deal for GMR Hyderabad Airport high yield bond issue

“GMR Hyderabad International Airport Limited, a GMR group company, Thursday said it is raising 300 million dollars from the overseas bond market for use in the expansion of Rajiv Gandhi International Airport here,” reported The Economic Times. The offering consists of 5.375% high yield bonds of 5 years tenor under the Regulation S and Reg 144A of the Securities Act of 1993 in the international bond market. The bond proceeds will be used towards the capital expenditure to the expansion of the Airport at Hyderabad, increasing its capacity to 34 million passengers per annum. The is the first foreign high yield bond under the revamped currency external commercial borrowings framework, according to Khaitan & Co.

Khaitan & Co advised GMR Hyderabad International Airport Limited led by a team of partner Manisha Shroff, partner Gautham Srinivas, principal associate Rolwine Alva, senior associate Oindrila Bhowmik, associate Nandini Paliwal, associate Meenakshi Kurpad and associate Enakshi Jha partner Ritu Shaktawat and senior associate Sneh Shah advised on the taxation aspects.
06/05/19 Legally India
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