Delhi International Airport Ltd, a GMR group company, plans to raise $350 million through 10 year senior secured bonds for the airport expansion programme and Moody’s has assigned a Ba2 rating for the proposed bonds.
Proceeds from the proposed bond would be used to help fund a major expansion to increase the passenger handling capacity of Indira Gandhi International Airport to up to 100 million passengers per annum, which the company expects would cost up to Rs 98 billion ( Rs 9800 crore) over a three-year development phase, Moodys said.
“Moody’s Investors Service has assigned a Ba2 senior secured rating to Delhi International Airport Limited’s (DIAL, Ba2 stable) proposed 10 year senior secured bond of up to $350 million,” the rating agency said.
