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The 3.5-year senior secured bond is structured under the dual format of Reg S and Reg S 144A. Under this format, securities that are sold outside the US without registration with the US regulators can be resold in the US.
Bankers for the deal include Barclays, BNP Paribas, Credit Agricole CIB, DBS Bank, Deutsche Bank, HSBC, JP Morgan, MUFG, SMBC Nikko and Standard Chartered. The size of the bond issue will be finalised soon and could be around $1 billion, people in the know said, adding that the roadshows started earlier this week.
The bond, set for issuance by Greenko Wind Projects (Mauritius) – a wholly-owned subsidiary of Greenko Mauritius – carries a guarantee from its parent company. The new bonds are expected to carry ratings of Ba2 by Moody’s and BB by Fitch.
A Greenko spokesperson did not immediately respond to request for comment. Proceeds from the bond issue will be deployed to refinance Greenko’s existing dollar bond of $750 million due in April and to subscribe to or lend rupee-denominated debt through group company Pinnapuram SPSP.
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