Diamond II Limited (the Company) which is a wholly-owned subsidiary of ReNew Energy Global Plc (the Parent) has raised USD400 million through senior secured green bonds (the Notes) which carry a US Dollar coupon rate of 7.95% and have been rated Ba3 by Moody’s and BB- by Fitch.
The Company will use a portion of the proceeds from the issuance of the Notes for payment of expenses relating to the offering and subject to compliance with applicable laws and regulations, the balance proceeds will be utilized to refinance existing dollar debt and fund various growth initiatives. Each in accordance with the Green Bond Framework established in accordance with the Climate Bonds Standard version 3.0, certified by the Climate Bonds Initiative and verified by DNV Business Assurance Australia Pty Ltd, a Climate Bonds approved verifier.
Barclays Bank PLC, Deutsche Bank AG, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, Standard Chartered Bank, BNP Paribas, DBS Bank Ltd., Mizuho Securities Asia Limited, MUFG Securities Asia Limited Singapore Branch, Natixis, SMBC Nikko Securities (Hong Kong) Limited and Société Générale were the initial purchasers to the issue. HSBC Bank U.S.A., National Association has acted as trustee for the Notes, paying agent, registrar, transfer agent, notes collateral agent and common collateral agent.