GMR Hyderabad International Airport (GHIAL), a subsidiary of GMR Airports and a step-down subsidiary of GMR Infrastructure (GMR Group) has announced that it has successfully priced an offering of US$ 300 million bond in the international bond market.

The aviation establishment has entered into a Purchase Agreement to issue and allot US$ 300 million 4.75 per cent senior secured notes of five-year tenure (the “Notes”).

The proceeds from this will be used towards the expansion of Hyderabad airport —the capacity of the airport will be increased to 34 million passengers per annum.

Grandhi Kiran Kumar, corporate chairman, GMR Group said:

“We are delighted with the successful pricing of this transaction. The offering through GHIAL reinforces our ability to raise funds from the International Bond Markets and reflects our continued effort to create value for our investors and raise capital for growth.

“The successful pricing of the offering underscores investors’ confidence in GMR Group and credit strength of GHIAL”.