GMR Hyderabad International Airport Limited (GHIAL) is reportedly planning to raise $300 million-$350 million by selling high-coupon offshore bonds. The company has hired Citigroup, Inc. and Bank of America Merrill Lynch, among others, to conduct roadshows. The bonds will have a tenure of 5-10 years and will be used for refinancing GMR Infrastructure Limited’s debt. The GMR Group is contemplating a variety of fund-raising options to reduce debt, refinance existing debt and lower the cost of debt. The conglomerate is in advanced negotiations with private equity funds such as Kohlberg Kravis Roberts & Co. and Apollo Global Management, along with sovereign wealth fund Abu Dhabi Investment Authority and Canadian pension fund PSP Investments, to sell a controlling stake in Hyderabad airport.
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