GMR Hyderabad International Airport, a step-down subsidiary of GMR Airports, raised US$three hundred million thru an excessive-yield senior secured bond with a five-yr tenor. The proceeds of the imparting can be used to fund the growth of the Rajiv Gandhi International Airport in Hyderabad.
The bonds, rated Ba1 (bad) by using Moody’s, became the first foreign excessive-yield presenting by means of an Indian enterprise below the remodeled outside industrial borrowings (ECB) framework. This is GMR’s second excessive-yield bond issuance, the first one, priced in 2016, become used to refinance rupee debt.
“GMR chose foreign bond trouble as their previous bond difficulty turned into received well by the worldwide buyers and the bonds had priced at a very good degree even though it becomes excessive yield. Given the stress in the Indian banking machine and liquidity problems inside the Indian market, the overseas bond market became probably greater appealing. Dollar bonds additionally diversify the resources and forex of their investment,” stated Manisha Shroff, a partner at Khaitan & Co, the Indian felony advisers to GMR.
“With the advent of the new ECB framework, the give up makes use of had to be analyzed in light of the revisions within the regulations and the elimination of the track-primarily based technique,” Gautham Srinivas, a partner at Khaitan, told Asia Business Law Journal. “The quit-use prescriptions, which have been there in the extant pointers, had been absolutely changed through a bad listing of makes use of.”
The headaches of tariff willpower via Airports Economic Regulatory Authority of India, ongoing litigation in this regard and its results on the revenues of the issuer were a number of the key demanding situations within the bond offering, Shroff said.
The company changed into represented by companions Shroff and Srinivas, most important partner Rolwine Alva, senior companion Oindrila Bhowmik and friends Nandini Paliwal, Meenakshi Kurpad and Enakshi Jha. Partner Ritu Shaktawat and senior accomplice Sneh Shah suggested on the taxation components.
The firm accomplished due diligence, counseled on taxation factors, reviewed and drafted the providing memorandum from an Indian regulation perspective and drafted the security document.
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