MUMBAI, April 20 (Reuters) - A subsidiary of ReNew
Energy Global Plc has set coupon for its planned green
dollar bonds maturing in three years and three months, two
merchant bankers said on Thursday.
Mauritius-incorporated Diamond II Ltd will raise $400
million via this bond issue at a yield of 8.15%, which is lower
than initial guidance of around 8.5%, they said.
ReNew Energy Global is the parent company of ReNew Power Pvt
Ltd .
Analysts at CreditSights has said the fair value of
investment in this issue would be 9.2%.
The bonds are secured by a 100% share pledge from the
issuer, with 60% security cover from fixed assets.
The bonds would be rated Ba3/BB– by Moody's and Fitch
Ratings respectively.
The proceeds from the Singapore-listed trade will be used
for lending to ReNew Energy and its subsidiaries, which in turn
will be used for capital expenditure and debt payments.
Barclays, Deutsche Bank, HSBC, JP Morgan, Standard Chartered
Bank and BNP Paribas were the global coordinators as well as
joint bookrunners.
DBS Bank, Mizuho, MUFG, SMBC Nikko and Societe Generale were
the joint bookrunners for the issue.
(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by
Varun H K)
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