Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

On Monday (17 July), Greenko – India’s market leading clean energy company, raised as much as US$ 1 billion in their multi-tranche bond issuance. This would be the largest green bond issuance by a privately held company in Asia, thus far.

Specifics:

  • Tranche 1 (5 year):
    • Size – US$ 350 million,
    • Term – 5 year (with non-call period of 2 years),
    • Yield – 4.875%
  • Tranche 2 (7 year):
    • Size – US$ 650 million,
    • Term – 7 year (with non-call period of 3 years),
    • Yield – 5.25%

Overall, the deal was oversubscribed by almost 2 times (US$ 2 billion orders), as compared to the actual deal size. Proceeds from this issuance would in part go towards the refinancing of their previous bond sale.

In its holdings, Greenko has a 8% coupon bond of size $ 550 million announced in 2014, which is due to mature in less than 2 years (2019).

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