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News Aug 22, 2016

Shearman & Sterling Advises on Greenko’s $500 Million First-of-Its-Kind India High Yield Green Bond Offering

Shearman & Sterling advised Greenko Energy Holdings and Greenko Investment Company in connection with the offering of US$500 million 4.875% senior notes due 2023 by Greenko Investment Company, unconditionally guaranteed by Greenko Energy Holdings on a senior basis.

The offering marked India’s first high yield green bond issuance and addressed the financing needs of Greenko Energy Holdings’ Indian operating subsidiaries. The notes are listed on the Singapore Exchange Securities Trading Limited.

Deutsche Bank, Investec, J.P. Morgan, Morgan Stanley and UBS were the joint bookrunners and joint lead managers of the offering, and J.P. Morgan was the lead green structuring agent.

Greenko Investment Company is an indirect subsidiary of Greenko Energy Holdings, one of the leading independent owners and operators of clean energy projects in India, with a portfolio of hydropower, wind and thermal projects having a combined installed capacity of more than 1 gigawatt.

The Shearman & Sterling team was led by partner Andrew Schleider (Singapore-Capital Markets); with support from counsel Eileen O’ Pray (Menlo Park-Tax); and associates Jeremy Wang (Singapore-Capital Markets) and Leo Wong (Hong Kong-Capital Markets).

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