New Delhi– GMR group-promoted Delhi International Airport Private Limited (DIAL) on Friday said it has raised $522.6 million from the international bond market to refinance its bank loans in rupee term and external commercial borrowing.

The bonds with a 10-year maturity offered 6.125 per cent fixed rate.

“DIAL has entered into a purchase agreement to issue and allot US$522.6 million of 6.125 per cent senior secured fixed rate notes of 10 year tenure,” a company statement said.

The proceeds from the notes will be used to entirely refinance “the current outstanding rupee term bank loan” and “bank external commercial borrowing”.

Speaking on the bond issue, GMR Group’s Business Chairman-Airports Srinivas Bommidala said: “The issue has been oversubscribed by multiple times despite volatile market conditions.”

The launch of the deal at initial price of 6.50 per cent and a final pricing at 6.125 per cent reflected the strength of the book and saw investment interest coming from high quality investors in Asia, Europe and USA, said GMR Airports’ President, Finance and Business Development, Sidharath Kapur.

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