By Mary-Katherine Stinson
Lexington, Ky., Aug. 25 – Continuum Energy Aura Pte. Ltd., subsidiary of Continuum Green Energy Ltd., sold $$435 million of 9½% senior secured notes due Feb. 24, 2027 (/B+/B+), according to a listing notice.
The notes will be guaranteed by the parent.
Prior to Feb. 24, 2025, the issuer may elect to redeem the notes at par plus the applicable premium and accrued interest, if any.
On or after that date, the issuer may redeem all or any portion of the notes at the redemption prices plus accrued interest, if any, as follows: from Feb. 24, 2025 to Aug. 23, 2025 at 104.75; from Aug. 24, 2025 to Feb. 23, 2026 at 103.135; from Feb. 24, 2026 to Aug. 23, 2026 at 102.375; and after at par.
Deutsche Bank (left lead), Citigroup, Emirates NBD Capital, HSBC, J.P. Morgan Securities LLC and Standard Chartered Bank are the bookrunners for the Rule 144A and Regulation S deal.
The proceeds of the green bonds will be used to finance and/or refinance eligible green projects that support the transition toward low-carbon climate resilient growth with lower environmental impact.
Continuum is an India-focused renewable energy platform.
| Issuer: | Continuum Energy Aura Pte. Ltd.
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| Guarantor: | Continuum Green Energy Ltd.
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| Amount: | $435 million
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| Issue: | Senior secured notes
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| Maturity: | Feb. 24, 2027
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| Bookrunners: | Deutsche Bank (left lead), Citigroup, Emirates NBD Capital, HSBC, J.P. Morgan Securities LLC and Standard Chartered Bank
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| Green structuring agent: | Deutsche Bank
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| Trustee: | DB Trustees (Hong Kong) Ltd.
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| Counsel to issuer: | Linklaters Singapore Pte. Ltd. (U.S. law and Singapore law) and Shardul Amarchand Mangaldas & Co (Indian law)
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| Counsel to the underwriters: | Ashurst LLP (U.S. law) and Talwar Thakore & Associates (Indian law)
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| Coupon: | 9½%
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| Call features: | Before Feb. 24, 2025 at par; from Feb. 24, 2025 to Aug. 23, 2025 at 104.75; from Aug. 24, 2025 to Feb. 23, 2026 at 103.135; from Feb. 24, 2026 to Aug. 23, 2026 at 102.375; and after at par
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| Change of control: | At 101
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| Equity clawback: | Up to 40% at 109.5
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| Pricing date: | Aug. 17
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| Settlement date: | Aug. 24
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| Ratings: | S&P: B+
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| Fitch: B+
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| Distribution: | Rule 144A and Regulation S
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| ISINs: | 21218JAB89, Y1758JAD55
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