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Bond Market News
Greenko Receives Credit Line of $743mn
July 8, 2024
Greenko Group has received a credit line of INR 62bn ($743mn) from India’s National Bank for Financing and Infrastructure Development (NaBFID), according to sources. Greenko plans to draw on the credit line to refinance its two dollar notes maturing in January and July next year. The company is looking to reduce its dollar debt as it finds it more expensive than local currency debt. The loan pricing is linked to NaBFID lending rate and has multiple maturities extending up to 23 years, with the disbursements likely to take place in tranches. Greenko Group, backed by GIC Sovereign Wealth Fund, has large funding needs for its pumped hydro storage projects, according to Bloomberg Intelligence.
Greenko’s dollar bonds traded broadly stable with its 5.5% 2025s at 98.65, yielding 7.4%
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