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ARTICLE · 23 NOVEMBER 2020

Appleby Advises In A Structured Deal Of USD 325 Million

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Appleby advised in a structured deal of USD 325 million 5.375 % secured notes due 2024 issued by Mauritius-based India

BermudaFinance and Banking
Malcolm Moller
Malcolm Moller
Farzanah Nawool
Farzanah Nawool
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India Green will use the proceeds from the USD notes to subscribe to seven-year non-convertible debentures (NCDs) to be issued by 11 restricted subsidiaries (RG), which are either wholly-owned or majority-owned subsidiaries of ReNew Power Private Limited (RPPL, Ba2 corporate family rating, stable).

At USD bond maturity, India Green will exercise its put right to require the restricted subsidiaries to redeem the NCDs, and the proceeds will be used to repay the USD bond principal. RG will use the proceeds from the NCDs to refinance the existing debt of its restricted subsidiaries, pay related transaction costs and fund an INR7.5 billion loan (approximately USD100 million) to its parent, RPPL.

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