GMR Hyderabad gives early results of two-series tender offer

By Marisa Wong

Los Angeles, March 8 – GMR Hyderabad International Airport Ltd. announced the early results of its Feb. 21 tender offer for up to $100 million principal amount of senior secured notes from two series, according to an announcement on Wednesday.

As of the early tender deadline at 5 p.m. ET on March 6, holders had tendered the following, with the notes listed in order of acceptance priority:

• $105,804,000, or 60.96%, of the $173.56 million outstanding 5 3/8% senior secured notes due 2024 (Cusips: Y3004WAB8, 36256WAB0) for $1,010 per $1,000 principal note; and

• $73,305,000, or 25.51%, of the $287,315,000 outstanding 4¾% senior secured notes due 2026 (Cusips: Y3004WAC6, 36256WAC8) for $947.50 per $1,000 note.

The considerations include a $30 early tender premium payable only to noteholders who tender by the early deadline.

As of March 8, the financing condition of the tender offer has not been met. As a result, acceptance for purchase of any notes tendered by the early deadline remains subject to satisfaction of the financing condition.

Once the financing condition is met, the company plans to accept the early tendered 2024 notes with a scaling factor of 88.944% applied and none of the early tendered 2026 notes. The aggregate principal amount of the 2024 notes to be accepted would be $99.95 million.

The early settlement date is slated for March 17.

The company will not be accepting for purchase any notes tendered after the early deadline.

The final tender deadline is 11:59 p.m. ET on March 20.

HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, 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, 203 609 4910, 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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