ReNew turns heads with funky bond structure

By Morgan Davis
06 Mar 2019

India’s ReNew Power returned to the dollar market for a $375m bond on Tuesday, continuing its trend of using complicated deal structures to overcome strict regulations.

ReNew’s latest transaction, a five non-call two year bond, immediately raised eyebrows with a structural twist.  The senior secured notes were issued by eight co-issuers: Kanak Renewables, Rajat Rewnewables, ReNew Clean Energy Private, ReNew Saur Urja Private, ReNew Solar Energy (Telangana) Private, ReNew Wind Energy (Budh 3) Private, ...

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