Continuum Energy Levanter, a special purpose vehicle (SPV) incorporated in Singapore and fully owned by CWE Singapore, is looking to issue dollar bonds to raise close to $400 million according to sources aware of the deal. Moody’s Investors Service has assigned a provisional (P)B1 senior unsecured rating to the proposed five-year USD senior notes.
Fitch Ratings has assigned the proposed US dollar senior notes an expected rating of ‘B+(EXP)’, with Recovery Rating of ‘RR4’. The proposed issuance will be the group’s first US dollar notes. Continuum Levanter is a subsidiary of Continuum Wind Energy (Continuum), which is mainly involved in wind power generation in India, Fitch indicated in a release.
“Continuum has a portfolio of about 2.2 GW of generation capacity, of which around 404 MW is operational, 150 MW is under construction, 450 MW is ready to construct, and the rest is under development,” the release stated.
The issue will be “144 A/Regulation S” which means investors from the US can also participate apart from European and Asian investors. Roadshows for the issue have commenced in New York, Boston, London, Hong Kong, and Singapore and will continue till July 21, said a banker aware of the deal.
Credit Suisse, Deutsche Bank, Investec and Nomura are the bankers to the deal according to the source.
The proceeds from the NCDs and ECBs will be used to refinance the existing debt of the restricted subsidiaries, Moody’s stated in the release. Furthermore, Moody’s Investors Service has assigned a provisional (P)Ba3 rating to the proposed 5-year USD backed senior unsecured notes of Azure Power Energy.
The notes are guaranteed by its holding company Azure Power Global Limited. “APGL is a leading solar power company in India, with 38 projects — including 26 operational projects with a total capacity of 771 megawatts (MW) and projects under construction with a total capacity of 298 MW — across 18 states as of 31 March 2017,” Moody’s said in a release.
A lot of renewable energy companies are tapping the dollar bond market to raise funds. On Monday, Greenko Dutch BV priced its dollar bonds to raise $1 billion.