Commentary & Deal Flow

ReNew Treasury IFSC Private Limited – a 100% subsidiary of ReNew Pvt Ltd (“RPL”), incorporated in GIFT City in India, exp Ba3/BB- by Moody's/Fitch, US$ benchmark 144A/Reg S 5nc3 sr secured Green notes due 2/2/31. Call schedule: Between 2 February 2029 to 1 February 2030 at Par + 50% of Coupon + accrued interest; Between 2 February 2030 to 1 August 2030 at Par + 25% of Coupon + accrued interest; At or after 2 August 2030 at Par + accrued interest. Change of Control Put: At 101%, if both a Change of Control and a Ratings Decline occur. Barc (B&D)/BNP/DB/HSBC/JPM/MUFG/StanChart as JGCs/JBRs; CACIB/DBS Bank/SMBC as JBRs. Parent Guarantor: Guarantee by RPL(1) and, unless released, by ReNew Energy Global plc (“REGP”, a NASDAQ listed parent co). Green Bond Certification: Second Party Opinion provided by DNV. Security: Charge over accounts of the Issuer where net proceeds of the Notes and all amounts paid from pipe debt are received; Charge over all offshore pipe debt and receivables under the same, as permitted by applicable law; Charge over receivables from onshore pipes, as permitted by applicable law; Charge over Identified Assets to secure the pipe debt. Security Cover: 0.5x fixed asset security cover and a 1.0x total security cover on the USD Notes amount; No direct security over onshore assets for the USD Notes. Key Covenants: Maintenance DSCR ≥ 1.1x to limit incurrence of Non-Priority Indebtedness. Denoms: US$200k x US$1k. Listing: NSE IX. Governing Law: New York Law. UOP: On-lending to other entities within the ReNew Group, for repayment of existing indebtedness; On-lending to certain Restricted Group entities; Any other purpose(s) permitted by applicable law, each in accordance with the Green Finance Framework. An amount equivalent to the net proceeds will be used to finance or refinance eligible green projects in accordance with the Green Finance Framework. Pricing today 01/22. Settle 2/2.
IPTs: 6.875% area.
FINAL PRICE GUIDANCE: 6.50%#. Oorder books US$2.1bn (incl $20m JLM interest).