Delhi Airport lands longest US print

摘要

Delhi International Airport (Dial) last Week became the first Indian high-yield issuer to sell 10-year bonds in the 144A market, drawing strong interest from US investors. The US$522.6m 10-year senior secured bonds priced at 6.125%, well inside initial guidance of 6.5%+ area. The unusual size relates to the use of the proceeds from the offering, which is to refinance an onshore loan. Under Indian regulations, offshore dollar bonds can be used to refinance onshore debt only if the new issue size matches the refinancing amount and the tenor is at least 10 years.