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India’s ReNew Power gains consents for covenants on notes due 2027
By Mary-Katherine Stinson
Lexington, Ky., Aug. 17 – ReNew Power Pte. Ltd. reported the success of its consent solicitation relating to its $270 million outstanding 5 7/8% senior secured notes due 2027 (ISINs: US75975AAA88, USY7279WAA90), according to multiple notices.
ReNew was soliciting consents to amend the covenants on the series to align with provisions on the company’s other notes.
The terms that will now 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.
The supplemental indenture was delivered on Aug. 11, and the proposed amendments became operative upon the payment of a consent fee.
On Aug. 16, the company paid a consent fee of $2.50 per $1,000 note for properly delivered valid consents.
The amendments are binding on all noteholders.
The solicitation expired at 5 p.m. ET on Aug. 8.
The consent settlement date was originally expected to be Aug. 22 but was revised to Aug. 16.
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) were the solicitation agents.
Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130, 203 609-4910, RenewPower@investor.morrowsodali.com, https://projects.morrowsodali.com/
RenewPower) was the information and tabulation agent.
ReNew Power is a renewable energy company with headquarters in Gurgaon, Haryana, India.
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