ReNew Energy Global Plans $500 Million Dollar Bond Issue Through GIFT City
ReNew Energy Global is raising approximately $500 million through dollar-denominated bonds via GIFT City's International Financial Services Centre, marking one of the larger offshore fundraising initiatives through the hub. The proceeds will be used for on-lending to group entities, repayment of existing debt including about $525 million due in July, and other permitted activities. Seven major international banks including Barclays, BNP Paribas, Deutsche Bank, HSBC, JPMorgan, MUFG, and Standard Chartered are serving as joint global coordinators and bookrunners for the transaction.
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ReNew Energy Global is preparing to raise approximately $500 million through dollar-denominated bonds issued via the International Financial Services Centre at GIFT City. This offshore fundraising initiative represents one of the larger bond issuances routed through the financial hub, according to people familiar with the matter.
Bond Structure and Issuance Details
The notes are being issued by ReNew Treasury IFSC, a wholly owned subsidiary of ReNew Private, with guarantees provided by ReNew Private. This structure enables the company to access international capital markets while leveraging the regulatory framework available at GIFT City's International Financial Services Centre.
Planned Use of Proceeds
The company has outlined multiple purposes for the bond proceeds, reflecting both growth and debt management objectives:
| Purpose | Details |
|---|---|
| On-lending | Funds to be provided to entities within the ReNew Group |
| Debt Repayment | Approximately $525 million in existing debt due in July |
| Restricted Entities | On-lending to certain restricted group entities |
| Other Activities | Additional purposes permitted under applicable law |
Banking Consortium
Seven major international banks are participating as joint global coordinators and joint bookrunners for this transaction:
- Barclays
- BNP Paribas
- Deutsche Bank
- HSBC
- JPMorgan
- MUFG
- Standard Chartered Bank
When contacted for comments, Standard Chartered, Deutsche Bank, and HSBC declined to provide statements, while other participating banks and ReNew Energy Global did not respond to requests for comment.
Strategic Significance
This bond issuance comes at a crucial time for ReNew Energy Global, with substantial debt obligations of approximately $525 million falling due in July. The timing and scale of this fundraising initiative highlight the company's proactive approach to debt management and capital structure optimization. The choice to route this transaction through GIFT City's IFSC demonstrates the growing importance of this financial hub for Indian companies seeking to access international capital markets.
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