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
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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