Davis Polk advised Delhi International Airport Private Limited (DIAL), a corporation organized under the laws of the Republic of India, in connection with DIAL’s inaugural Regulation S offering of its $288.75 million 6.125% senior secured notes due 2022. 

DIAL holds a 30-year exclusive concession to operate, manage and develop the Indira Gandhi International Airport in New Delhi, India, the busiest and largest airport in India in terms of passenger traffic and passenger capacity. Its majority shareholder is a subsidiary of the GMR Group, a leading, diversified infrastructure group in India, and its other shareholders include the Airports Authority of India, a Government of India enterprise, and two of the world’s leading international airport operators, Fraport AG Frankfurt Airport Services Worldwide and Malaysia Airports Holdings Bhd. The notes are secured by certain of DIAL’s rights and interests in the concession agreements governing the Indira Gandhi International Airport. 

The Davis Polk corporate team included partner William F. Barron and counsel Ferish Patel and registered foreign lawyer Ryan J. Grimm. Partner John D. Paton, counsel Alon Gurfinkel and associate Dominic Foulkes provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.  

 

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