JSW Hydro Energy raises USD 707 million from debut green bond sale

JSW Hydro Energy Limited has raised USD 707 million (about Rs 52 billion) from an international green bond issue.

The Fixed Rate Senior Secured Green 144A/Reg S Bonds for a 10-year tenor were priced at 4.125 per cent. The proceeds from the issuance will be used towards repayment of existing green project-related Rupee-denominated indebtedness. The company engaged with several investors on a global deal roadshow across Hong Kong, Singapore, London, New York and Los Angeles. Backed by a strong investor feedback, the transaction was launched with an initial price guidance of 4.5 per cent area and tightened by 37.5 bps to 4.125 per cent as final pricing. The final order book was in excess of USD 2.6 billion with oversubscription by 3.7 times. The transaction witnessed 64 per cent participation from Asia, 14 per cent from the US and 22 per cent from EMEA with 82 per cent investment from long haul funds, 17 per cent from financial institutions (including sovereign wealth funds), and 1 per cent from private banks..