ReNew Power raises $450 million through dollar bonds
Sustainable energy firm ReNew Power Pvt. Ltd has raised $450 million through a dollar bond issuance, said D. Muthukumaran, the company’s chief financial officer.
“The firm’s order book of 3x for such a long tenor paper and high participation from investors across the US and Europe are very encouraging and reflective of the company’s prospects and its healthy leverage levels,” he said.
The bonds, according to a person directly aware of the matter, were priced at a coupon rate of 5.875% and will be issued in two tranches with an average maturity of five-and-a-half years. “However, most funds will be raised through bonds that have seven years to maturity,” he said on the condition of anonymity.
