Greenko Mauritius halts dollar bond issuance, seeks alternative bank borrowing

Greenko Mauritius, a subsidiary of Greenko Energy Holdings, has decided not to proceed with its planned dollar bond issuance, which was intended to refinance a $425 million bank loan. The company will now seek alternative bank borrowing instead, Fitch Ratings said while withdrawing the rating BB assigned to the proposed bond.

Initially, the proposed notes, rated BB by Fitch and Ba2 by Moody's, were expected to price a 3.5-year bond under 7%. However, Earlier this year, Greenko Mauritius deferred the bond due to interest rate volatility. The $425 million bridge loan remains outstanding and is due by September 30, 2024.

Greenko Mauritius has secured a Rs 6,200 crore credit line from the National Bank for Financing Infrastructure and Development (NaBFID) to partially refinance its offshore debt, as reported by ET on July 8.