Commentary & Deal Flow

Diamond II Ltd, exp Ba3/BB- (Moody's/Fitch), US$400m 144A/Reg S (Cat 2) 3.25nc2.25 Fixed Green Sr Secured due 7/28/26. 101 CoC. Barc (GC/B&D)/DB (GC)/ HSBC (GC)/JPM (GC)/StanChart (GC)/BNPP (GC)/DBS/MIZ/MUFG/SMBC Nikko/SG/Natixis. Call schedule: Between July 28, 2025 to Jan. 27, 2026 at Par + 50% of coupon; At or after Jan. 28, 2026 at par. Guarantor: ReNew Energy Global PLC. Security: Pledge of 100% shares of Diamond II Floating charge over all assets of Diamond II subject to applicable law (other than any onshore pipe debt). Security cover: Security to ensure a 0.6x fixed asset security cover and a 1x total security cover on the USD notes. Change of control put: Upon change of control and a ratings decline. UOP: For on-lending to REGP and/or one or more of its subsidiaries, which amounts will be utilized by each such group entity for (a) the prepayment of its own existing indebtedness availed for the purposes of capital expenditure; (b) its capital expenditure for eligible green projects; For on-lending to certain restricted group entities as RG pipe debts; For repaying existing debt under certain of REGP’s existing debt documentation; For incurring issue-related expenses and for any other purpose(s) permitted by applicable law. Covenants: Standard set of HY covenants (at RPPL), Maintenance covenant: DSCR 1.1x (tested every 6 months), Ratio debt: Net Priority debt leverage ratio 6.5x. Listing: SGX-ST. Law: New York; security documents under Mauritian law. Green bond certification: Certified by Climate Bonds Initiative with an independent verification provided by DNV – an approved verifier under the Climate Bonds Standard. Pricing 4/19. Settle 4/28.

Talk: 8.50% area.

Final Price Guidance: 8.20% area (+/- 5).

LAUNCHED: $400m 3.25nc2.25 green at 8.15%.