GMR Hyderabad’s buyback offer to purchase for cash up to $100mn of its 5.375% 2024s and its 4.75% 2026s received $179mn in tenders at the early deadline of March 6.  As per IFR, GMR Hyderabad is planning to finance the buyback via a planned INR 8.4bn ($103mn) 10Y INR-denominated bond at 8.71%. Regarding the buyback offer, the 2024s tendered early will receive first priority, followed by the 2026s that were tendered early.

Its 5.375% 2024s and its 4.75% 2026s are trading at 99.59 and 93.89, yielding 5.77% and 7.13% respectively.

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