By William Gullotti
Buffalo, N.Y., April 20 – Diamond II Ltd., a Mauritius-based fully owned subsidiary of ReNew Energy Global plc, issued $400 million of 7.95% senior secured green bonds (Ba3//BB-), according to a press release on Thursday.
The offering was reportedly over four times oversubscribed, with total investor demand exceeding $1.5 billion. Pricing was tightened by 35 basis points as a result.
Further relevant bond details, such as tenor and final pricing, were not disclosed in the press release.
As previously reported and further detailed in the release, ReNew has repaid more than $1 billion to its offshore bondholders in fiscal year 2023. Over the past fiscal year, the company refinanced $525 million in its domestic markets, in addition to the repayment of $480 million of debt from internal cash flow generation.
Proceeds from the issue will be used to refinance existing dollar debt and fund various growth initiatives. The notes have been certified by the Climate Bond Initiative and are aligned with the ICMA Green Bond Principles.
In February, India-based ReNew made a strategic decision to rebrand itself to reflect its transition from being a pure-play renewables company to a decarbonization partner providing end-to-end solutions across the decarbonization spectrum, including clean energy, energy storage and carbon markets.
| Issuer: | Diamond II Ltd.
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| Amount: | $400 million
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| Issue: | Senior secured green bonds
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| Coupon: | 7.95%
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| Announcement date: | April 20
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| Ratings: | Moody’s: Ba3
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| Fitch: BB-
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