GMR Hyderabad International Airport Ltd (GHIAL), which runs the aerodrome here, plans to raise Rs 1,250 crore through non-convertible debentures to be used for prepaying the USD bonds maturing in April 2024 or February 2026, rating agency India Ratings & Research has said.
GHIAL (excluding subsidiaries) had a debt of Rs 7,050 crore as on September 30, 2022 which consisted of bonds of $950 million. The USD bonds have bullet maturities in April 2024, February 2026 and October 2027, the rating agency said.
“The proposed Rs 12,500 million (Rs 1,250 crore) NCDs will be entirely used for prepaying the bonds maturing in April 2024 or February 2026. Depending on the cash accruals, refinancing of the debt is likely to be required in April 2024,” it said while assigning “IND AA/Stable” rating to the proposed bonds.
