GMR Hyderabad starts two-series tender offer for senior secured notes

Chicago, Feb. 21 – GMR Hyderabad International Airport Ltd. started a tender offer for up to $100 million principal amount from two series of senior secured notes, according to an announcement.

The company is offering to buy, in priority order, from 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

• $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 that will only be paid to noteholders who tender by the early deadline.

The early deadline is 5 p.m. ET on March 6, also the withdrawal deadline.

Early settlement is planned for March 17.

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

The final settlement date is March 23.

The offers started Tuesday.

The offers are subject to a financing condition.

Tenders may be subject to proration.

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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