Greenko Wind Projects Mauritius Ltd (GRNKEN), exp Ba2/BB by Moody's/Fitch, US$1bn 144A/Reg S 3.5nc2 senior green bonds. 3.36y WAL. Barc/BNPP/CACIB/DBS/DB (B&D)/HSBC/JPM/MUFG/SMBNIK/StanChart joint books. Green structuring agent: Credit Agricole CIB. Second party opinion from Moody’s. Parent Guarantor: Greenko Energy Holdings. Call schedule: March 27, 2027 to Sept. 27, 2027 at par + 50% of coupon + accrued interest (103.625); Sept. 27, 2027 to March 27, 2028 at par + 25% of coupon + accrued interest (101.813); March 27, 2028 and thereafter at par + accrued interest (100). Amortization schedule: Years | Mandatory amortization %: 1 | 1.5%; 1.5 | 2%; 2 | 2%; 2.5 | 2%; 3 | 2.5%. Listing: SGX-ST. Law: State of New York; agreement pledging collateral will be governed by Mauritius law. UOP: For refinancing $750m 5.50% senior notes due 2025, for general corporate purposes and to subscribe for or loan rupee debt to be issued or borrowed by Greenko AP01 IREP Pvt (“Pinnapuram SPSP Company”). Pinnapuram SPSP Co. intends to use proceeds of rupee debt primarily to repay existing indebtedness, for capital expenditure in relation to Pinnapuram standalone pumped storage project and to pay transaction expenses related to rupee debt. Pricing 3/20. Settle 3/27.
IPTs: 7.625% area.FINAL PRICE GUIDANCE: 7.25%#.LAUNCHED: $1bn 3.5nc2 at 7.25%.
PRICED: $1bn 7.25% 9/27/28 100.00 7.25%.
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Greenko Wind Projects (Mauritius) Ltd (the “Issuer”), an indirect subsidiary of Greenko Energy Holdings (the “Guarantor”) has appointed Barclays, BNP PARIBAS, Credit Agricole CIB, DBS Bank Ltd., Deutsche Bank, HSBC, J.P. Morgan, MUFG, SMBC Nikko and Standard Chartered Bank as Joint Lead Managers and Credit Agricole CIB as Green Structuring Agent to arrange a series of fixed income investor update calls in Asia, Europe and the United States commencing on March 17, 2025. A benchmark sized Rule 144A/Regulation S USD-denominated guaranteed senior green bond offering (the “Notes”) with 3.5 years door to door tenor and 3.36 years weighted average life may follow, subject to market conditions. The Notes are expected to be rated Ba2 by Moody’s and BB by Fitch.The proceeds of the Notes will be used for refinancing the US$750m 5.50% Senior Notes due 2025, for general corporate purposes and to subscribe for or loan the rupee debt to be issued or borrowed by Greenko AP01 IREP Private Limited (“Pinnapuram SPSP Company”). The Pinnapuram SPSP Company intends to use the proceeds of the rupee debt primarily to repay existing indebtedness and capital expenditure in relation to the Pinnapuram standalone pumped storage project.In connection with the offering of the Notes, the OC will follow and any investment decisions should be made solely on the basis of the OC.FCA / ICMA stabilization applies.