Global law firm Ashurst advised a syndicate of 12 banks, which included Barclays, Deutsche Bank AG, Singapore Branch, HSBC, J.P. Morgan, Standard Chartered Bank, BNP Paribas, DBS Bank Ltd., Mizuho Securities, MUFG Securities, SMBC Nikko Securities and Société Générale in connection with the high yield green bond issuance by Diamond II Limited of US$400 million 7.95% senior secured notes due 2026.
The issuance represented one of the first high yield issuances of bonds from India in more than a year and received strong demand from investors in the United States, Europe and Asia.
Diamond II Limited is a Mauritius-based wholly-owned subsidiary of Nasdaq listed ReNew Energy Global plc (Nasdaq: RNW, RNWWW), India’s top pure-play renewable energy company and one of the largest renewable energy companies in the world. The proceeds from the issuance will be used to refinance existing US dollar debt and to fund various growth initiatives. The green bonds have been certified by the Climate Bond Initiative, an international organisation working to mobilise global capital for climate action, and are aligned with the ICMA Green Bond Principles. The green bonds also include a development impact assessment.
The Ashurst team was led by global head of high yield debt, Anna-Marie Slot, and supported by a cross practice multi-jurisdictional team including Jacques McChesney, Ethan Perry, Rodrigo Romero Hidalgo, Andrew Scopes, Jennifer Reyes Au and Lilian Chiu.
Anna-Marie Slot said, “We are pleased to advise this large syndicate of banks to make one of the first high yield issuances out of India in over a year a success. Our work on this important green financing transaction represents our commitment to helping Indian renewables companies raise capital to fund their businesses and renewable energy initiatives.”
