Chicago, Jan. 28 – ReNew Power Ltd. sold an upsized $450 million 5 7/8% senior secured notes (BB-/BB-) due March 5, 2027, according to a news story and a market source.
The Rule 144A and Regulation S notes will be used to refinance existing borrowings, including trade credit facilities. Around $65 million of the proceeds will be used to meet future capital expenditure requirements.
The offer was three times oversubscribed.
ReNew Power is a renewable energy company with headquarters in Gurgaon, Haryana, India.
Issuer: | ReNew Power Ltd.
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Issue: | Senior secured notes
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Amount: | $450 million
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Maturity: | March 5, 2027
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Coupon: | 5 7/8%
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Announcement date: | Jan. 22
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Ratings: | S&P: BB-
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| Fitch: BB-
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Distribution: | Rule 144A and Regulation S
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