The proceeds from the Notes were to be used principally to subscribe to green Indian Rupee (INR) non-convertible debentures (denominated in rupees) (NCD) that would be issued by Delhi International Airport Limited (DIAL), the first airport in India to be awarded the Leadership Energy and Environment Design ‘Gold’ rating. DIAL holds a solid market position as the developer and operator of India’s largest and busiest airport which is Indira Gandhi International Airport (Airport) in New Delhi, India, according to the Airports Authority of India.
On 3 August 2023, DIAL delivered a Non-Convertible Debentures Redemption Offer Notice to the Issuer pursuant to which it offered to redeem non-convertible debentures (Non-Convertible Debentures Redemption Offer) issued by it pursuant to a Debenture Trust Deed. In connection with the Non-Convertible Debentures Redemption Offer, the Issuer has, in the Tender Offer Memorandum dated 4 August 2023 (Tender Offer Memorandum), offered to purchase from Noteholders, on the terms and conditions set out in the Tender Offer Memorandum up to USD102,800,000 of its outstanding USD450,000,000 principal amount of 6.25% Secured Notes due 2025 (Notes) (Offer).
The Issuer retained The Hongkong and Shanghai Banking Corporation Limited and J.P. Morgan Securities plc to act as Joint Dealer Managers. The obligations of the Issuer under the Offer were secured in favour of the Joint Dealer Managers.