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Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item
Published on 8/1/2023 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

India’s ReNew Power solicits consents for covenants on notes due 2027

Chicago, Aug. 1 – ReNew Power Pte. Ltd. started a consent solicitation on Tuesday relating to the $270 million outstanding 5 7/8% senior secured notes due 2027 (ISINs: US75975AAA88, USY7279WAA90), according to a notice.

ReNew is soliciting consents to amend the covenants on the series to align with provisions on the company’s other notes.

The terms that would be amended pertain to the debt service coverage ratio, provision of financial statements and reports, restricted payments, debt and preferred stock, asset sales, transactions with shareholders and affiliates, sales and issuances of capital stock in restricted subsidiaries, any merger, consolidation and sale of assets, events of default and remedies, acceleration, control by majority and limitation on suits.

If the requisite consents are obtained, a supplemental indenture will become operative upon payment of a consent fee.

The company is paying a consent fee of $2.50 per $1,000 note for properly delivered valid consents.

The solicitation expires at 5 p.m. ET on Aug. 8.

The consent settlement date is expected to be Aug. 22.

Barclays (+44 20 3134 8515, eu.lm@barclays.com), HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, 212 525-5552, liability.management@hsbcib.com), J.P. Morgan Securities plc (+44 20 3493 0682, liability_management_asia@jpmorgan.com) and Standard Chartered Bank (+44 20 7885 5739, +852 3982 8658, +65 6557 8286, liability_management@sc.com) are the solicitation agents.

Morrow Sodali Ltd. is the information and tabulation agent (+44 20 4513 6933, +852 2319 4130, 203 609-4910, RenewPower@investor.morrowsodali.com, https://projects.morrowsodali.com/

RenewPower).

ReNew Power is a renewable energy company with headquarters in Gurgaon, Haryana, India.


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