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India's Continuum Green Energy accepts bids for 9-year dollar bonds, bankers say

Reuters SG
·1-min read

MUMBAI, June 19 (Reuters) - India's Continuum Green Energy has accepted bids worth $650 million for dollar-denominated green bonds maturing in nine years, two merchant bankers said on Wednesday.

The company will pay a coupon of 7.50%, below its initial guidance of around 7.6250%, the bankers added.

It received bids worth around $950 million for the issue, which will be rated Ba2 by Moody's Investors Service and BB+ by Fitch Ratings.

The proceeds will be used to pre-pay and repay debt related to the company's projects.

Deutsche Bank, Emirates NBD, HSBC, J.P.Morgan and Standard Chartered were the joint bookrunners and lead managers.

The bonds are secured on project assets, related accounts and a share pledge of the issuers. Each co-issuer is guaranteeing the notes issued by the other co-issuers. (Reporting by Bhakti Tambe; Editing by Savio D'Souza)