JSW Hydro Energy raises $707 million via maiden green bond
May 11, 2021
Priced at 4.125 per cent for a 10-year tenor
JSW Hydro Energy, which has the largest hydro power portfolio by capacity in the private sector in India, has raised $707 million through its maiden international bond issue.
The Fixed Rate Senior Secured Green 144A/Reg S Bond for a 10-year tenor was priced at 4.125 per cent.
The proceeds from the issuance will be used to repay existing green project-related rupee-denominated debt.
The company had engaged with several investors on a global deal roadshow in Hong Kong, Singapore, London, New York and Los Angeles.
However, the company did not disclose the amount to be raised under this issue. This issue is part of a total notes programme of USD 750 million of JSW Hydro Energy, which was approved by the board of JSW Hydro Energy on March 26, 2021. The issuer (JSW Hydro Energy) is proposing, subject to market conditions and certain conditions precedent, an issue of debt instruments in the form of US dollar denominated senior secured notes, a BSE filing said The issuer is a wholly-owned subsidiary of JSW Energy Limited. The notes will be secured by, inter alia, assets of the Issuer and a pledge over 51 per cent of the equity shares of the Issuer held by the company, it said.