Moody’s rates India Green Power notes Ba3

Moody’s Investors Service said it assigned a (P)Ba3 rating to the proposed six-year dollar-denominated senior secured notes of up to $450 million to be issued by India Green Power Holdings.

IGPH will use the proceeds to subscribe to nine-year Indian rupee-denominated non-convertible debentures to be issued by a newly formed restricted group (RG4), comprising seven wholly-owned or majority-owned subsidiaries of ReNew Power Private Ltd. When the bond’s redeemed, IGPH will exercise its put right to require the restricted subsidiaries to redeem the debentures and use the proceeds to repay the dollar bond principal.

The (P)Ba3 rating reflects the underlying credit quality of RG4, according to Spencer Ng, a Moody’s vice president and analyst.

In turn, the restricted subsidiaries will use the rupee-denominated proceeds to repay all their outstanding external debt.

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