Commentary & Deal Flow

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%.