Delhi International Airport US$ 10yr IPG at 6.75% area

Credit: REUTERS/B Mathur

SINGAPORE, May 28 (IFR) - Delhi International Airport (DIAL), rated Ba2/BB (Moody’s/S&P), is marketing US dollar 10-year senior secured bonds at initial guidance of 6.75% area.

The 144A/Reg S bonds are expected to be rated Ba2/BB (Moody's/S&P). The deal size is expected to be US$350m, with the proceeds to be used to fund an expansion to allow Indira Gandhi International Airport to handle up to 100 million passengers a year, according to Moody's.

Citigroup, Deutsche Bank, HSBC, JP Morgan and Standard Chartered are joint global coordinators. They are also joint bookrunners with First Abu Dhabi Bank, MUFG, UBS and Yes Bank.

GMR Infrastructure is the ultimate majority shareholder of DIAL, which operates Indira Gandhi International Airport under a 30-year concession that began in 2006, and which can be extended by a further 30 years if DIAL meets performance criteria.

(Reporting by Daniel Stanton; Editing by David Holland)

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