The company raised the debt on Tuesday by issuing senior secured listed non-convertible debentures maturing in June 2028, the people said. The proceeds will be used to fund capital expenditures of restricted firms for undertaking improvements of certain airport facilities and meet transaction costs or financing expenses, the company said in a regulatory filing.
AAHL is the holding company of several special purpose vehicles (SPVs) that run airports in Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram. AAHL did not respond to ET’s request for comment.
The principal amount of the NCDs and interest component are secured by a first pari passu charge over all receivables under the NCDs and compulsory convertible debentures issued by each restricted company and subscribed to by the company, including but not limited to the airport NCDs, the company said.
Rating agencies Crisil and India Ratings have assigned an A+ rating for AAHL’s proposed bond issue of ₹400 crore. The company had raised ₹150 crore in March, followed by an equal amount on Tuesday.AAHL has proposed a ₹33,000 crore capex outlay for Navi Mumbai International Airport and Mumbai International Airport over fiscal years 2023-26, Crisil said. Given the large capex plan, bond market players are surprised by the company raising a relatively small amount of debt.
