March 27, 2019
Latham & Watkins represented ReNew Power Ventures Private Limited (ReNew Power), as parent company, in the high yield co-issuance of US$375 million of 6.67% Senior Secured Notes due 2024 by eight subsidiaries. The Notes of each co-issuer are also guaranteed by each of the other co-issuers. The Notes are listed on the SGX-ST and include a mix of both high yield and project bond-style covenants, a first in the Indian market.
The joint lead managers for the offering were Barclays, Goldman Sachs (Singapore) Pte., J.P. Morgan, and Yes Bank.
The Latham team was led by Singapore partner and India Practice Head Rajiv Gupta, supported by Hong Kong counsel Louis Rabinowitz and Singapore associate Francesca Rothkell. Tax advice was provided by New York partners Jiyeon Lee-Lim and Bora Bozkurt and New York associate Lauren Bewley.
Rajiv Gupta, commented: “Following our work with ReNew on their innovative green bond offering in 2017, it has been a pleasure to work with them once more on this important transaction. This was a unique structure that was followed for the first time by an Indian company and could set a precedent for many other issuers in the country.”