India Green will use the proceeds from the USD notes to subscribe to seven-year non-convertible debentures (NCDs) to be issued by 11 restricted subsidiaries (RG), which are either wholly-owned or majority-owned subsidiaries of ReNew Power Private Limited (RPPL, Ba2 corporate family rating, stable).

At USD bond maturity, India Green will exercise its put right to require the restricted subsidiaries to redeem the NCDs, and the proceeds will be used to repay the USD bond principal. RG will use the proceeds from the NCDs to refinance the existing debt of its restricted subsidiaries, pay related transaction costs and fund an INR7.5 billion loan (approximately USD100 million) to its parent, RPPL.

The NCDs were listed on the Singapore Exchange Securities Trading Limited on 30 October 2020. The HongKong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, and Barclays Bank PLC have acted as the joint lead managers to the issue.

The Appleby team was led by Group Managing Partner Malcolm Moller and Senior Associate Farzanah Nawool, supported by Trainee Dylan Mannikum.

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