Greenko gets consents from holders of 95.55% of 5½% notes due 2025

By Mary-Katherine Stinson

Lexington, Ky., March 27 – Greenko Wind Projects (Mauritius) Ltd. and Greenko Energy Holdings gained the needed consents to amend the indenture of Greenko Wind’s 5½% senior notes due 2025 (Cusips: 39531JAA2, V3856JAA1), according to a notice.

As of the consent expiration deadline of 5 p.m. ET on March 22, the company accepted valid consents to the proposed amendments totaling $716,656,000, representing 95.55% of the total outstanding principal amount of the notes. Approval from holders of a majority of the total principal amount of the outstanding notes was required.

As of March 14, the total amount of the notes outstanding was $750 million.

Holders who delivered their consents by the deadline will receive a cash payment of $2.50 per $1,000 principal on or about March 27, the expected settlement date.

Consents were irrevocable.

The offer was conditioned on the satisfaction or waiver of certain conditions, which have all been waived or satisfied, according to the release.

The principal purpose of the proposed amendments was to provide Greenko with the flexibility to develop, construct and finance the solar component of the Pinnapuram integrated renewable energy storage project developed by subsidiary Greenko AP01 IREP Private Ltd. The Pinnapuram project is partially financed by the note issuance.

Barclays (+852 2903 3266, +44 20 9194 8515, eu.lm@barclays.com, NJASyndicate@barclays.com), DBS Bank Ltd. (+65 6878 9821, dbstmg@dbs.com), Deutsche Bank AG Singapore Branch (+65 6423 5337, +44 20 7545 8011, liability.management@db.com, asiasyn@list.db.com) and J.P. Morgan Securities plc (+852 2800 8019, liability_management_asia@jpmorgan.com) were the solicitation agents.

The information and tabulation agent was Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933, 203 658-9457, https://projects.morrowsodali.com/greenko)

The issuer is a financing vehicle for Greenko Energy Holdings’ first integrated renewable energy storage project, which is being implemented by sister subsidiary, Greenko AP01.

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