Greenko Mauritius gets consents to amend 6¼% notes due 2023

By Marisa Wong

Los Angeles, Dec. 17 – Greenko Mauritius and Greenko Energy Holdings announced they received the necessary consents to amend the 6¼% senior notes due 2023 issued by Greenko Mauritius and guaranteed by Greenko Energy.

Greenko launched a consent solicitation on Dec. 2 to approve some proposed amendments to the indenture governing the notes.

The company sought to amend the notes for flexibility to make investments using proceeds from capital contributions or sales of capital stock; to incur debt at persons that become restricted subsidiaries, as long as that debt is less than some specified thresholds; and provide credit support for persons engaged in a permitted business in which Greenko has a minority interest in an amount up to $60 million.

The proposed amendments required the consent of holders of a majority in principal amount of the $435 million notes outstanding.

As of 5 p.m. ET on Dec. 16, the consent expiration deadline, the company had received consents from holders of $383,818,000, or 88.23%, of the total outstanding amount of notes, according to a company announcement on Tuesday.

Those consenting holders will receive a cash payment of $5 per $1,000 principal amount of notes. The consent fee will be paid on Dec. 19.

Barclays Bank plc, Deutsche Bank AG, Singapore Branch and J.P. Morgan Securities plc acted as solicitation agents.

D.F. King is the information and tabulation agent.

Greenko is a Mauritius-based holding company of renewable energy assets in India.

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