GMR Hyderabad gives results of capped tender offer for two notes

Chicago, Dec. 12 – GMR Hyderabad International Airport Ltd. announced the results of its capped tender offer for up to $140 million principal amount of two series of its notes, according to a company announcement.

The notes include the $300 million 5 3/8% senior secured notes due 2024 (Cusip: Y3004WAB8) for which the company was offering par and the $300 million 4¾% senior secured notes due 2026 (Cusip: Y3004WAC6) for which the company was offering $930 per $1,000 principal amount.

The company will also pay accrued interest.

As of the tender deadline at 11 a.m. ET on Dec. 9, noteholders tendered $126.44 million, or 42.15%, of the 2024 notes. Noteholders tendered $12,685,000, or 4.23%, of the notes due 2026.

The 2024 notes had acceptance priority over the 2026 notes.

However, the cap was not reached, so no scaling will be required. All $139,125,000 tendered notes will be accepted.

Settlement is planned for Dec. 14.

After settlement there will be $173.56 million of the 2024 notes outstanding and $287,315,000 of the 2026 notes outstanding.

The consummation of the tender offers was conditioned on the company obtaining funds through one or more financing options that are sufficient to pay the consideration. The company announced that the financing condition was satisfied.

The purpose of the tender offers is to optimize the company’s financing cost and debt maturity profile and to provide liquidity to eligible noteholders at a premium to the market price of the notes prior to the launch of the offers.

Hongkong and Shanghai Banking Corp. Ltd. (+852 3941 0223, +44 20 7992 6237 or liability.management@hsbcib.com) and J.P. Morgan Securities plc (liability_management_asia@jpmorgan.com) are the dealer managers.

Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933 or gmrhyderabad@investor.morrowsodali.com) is the information and tender agent.

The issuer is a joint venture of GMR Group in partnership with Airports Authority of India, Government of Telangana and Malaysia Airports Holdings Bhd. GMR Group owns 63% of GMR Hyderabad Infrastructure Airport and is an infrastructure company based in Bangalore, India.

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