ReNew raises $400 mn through inexperienced bonds

NEW DELHI : Renewable power platform ReNew Energy on Thursday stated that its wholly-owned subsidiary, Diamond II Restricted, has raised $ 400 million via the problem of senior secured inexperienced bonds.

The inexperienced bonds acquired robust demand from traders in US, Europe and Asia because it opened the high-yield issuance out of India after a broad market hiatus of greater than a yr, the corporate stated in an announcement.

“The order ebook was oversubscribed about 4 occasions with a complete investor demand aggregating in extra of $ 1.5 billion, leading to 35bps tightening of pricing,” it added.

The issuance underlines ReNew’s capacity to boost capital in addition to assurance to our stakeholders concerning the firm’s robust steadiness sheet and liquidity place.

The Company Type Notes carry a US Greenback coupon charge of seven.95% and have been rated Ba3 by Moody’s and BB- by Fitch. Proceeds from the problem will likely be used to refinance present greenback debt and fund varied progress initiatives.

The notes have been licensed by the Local weather Bond Initiative and are aligned with the ICMA Inexperienced Bond Rules. The Notes additionally embody a improvement influence evaluation.

 “Our inexperienced bond subject has opened the India high-yield greenback bond market after greater than a yr. Robust investor demand from world traders underscores the rising demand for renewables and validates our place as an business chief. Elevating company funds at an anticipated charge in step with our long-term plan and can allow us to speed up our renewable power initiatives, cut back our price of capital, drive innovation and make a optimistic influence on the surroundings,” stated ReNew’s President Company Finance, Kailash Vaswani.

Throughout 2022-23, ReNew has repaid greater than $ 1 billion to its offshore bondholders. Over the previous fiscal yr, the corporate refinanced $ 525 million within the home markets along with the reimbursement of $480 million of debt from inside money circulate era. 

Catch all of the Trade Information, Banking Information and Updates on Stay Mint. Obtain The Mint Information App to get Day by day Market Updates.
Extra Much less

Up to date: 20 Apr 2023, 09:54 PM IST