Mumbai: GMR Goa International Airport, the new aviation facility serving India’s tropical paradise along the Arabian Sea coast, on Wednesday raised ₹2,475 crore in a 20-year non-convertible debenture (NCD) series. The issue offe-rs investors a 10% coupon rate.
ICICI Bank was the arranger for the issue. The funds will be used to primarily refinance existing debt raised earlier to build the greenfield airport in the northern tip of the small state that has the highest per capita income in the country and traffic volumes that far exceed the permanent population base.
The funds raised will be utilised to partly refinance outstanding bonds of ₹3,906 crore, including accumulated interest as of September 30, 2023. GMR faces upcoming bond repayments of ₹1,406 crore (plus accrued interest) due in December 2023. As of March 31, 2023, the company maintains a cash and cash equivalents balance of ₹435 crore at the standalone level.
The NCDs have a tenor of 19 years, 10 months, and 11 days, offering a 10% coupon rate, with maturity set for September 2043. The bonds also have a call option in December 2028 and a put option in March 2029.