Global funds buy US$288m of Indian airport notes
Domestic funds do not have the capacity to cover the US$1 trillion that India needs over 2012-2017 to revamp creaking infrastructure to better compete with China
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New Delhi
DELHI International Airport Ltd has tapped global funds for the first time as issuers look abroad for the US$1 trillion needed to revamp India's creaking infrastructure.
The operator of India's busiest airport sold US$288.75 million of seven-year notes at 6.125 per cent on Tuesday. Proceeds from the dollar bond sale will help refinance a US$350 million loan due in 2021 whose terms the company breached by, among other things, exceeding debt coverage ratios, the notes' offer document shows.
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