Hero Future Energies to hit int'l bond market, use funds for India projects

Renewables company will use its Mauritius SPV, subscribe to Indian rupee-denominated external commercial borrowing

Hero Future Energies will tap the international bond market for funds, use its Mauritius SPV to issue USD senior notes. The renewables company will use the proceeds to subscribe to Indian rupee-denominated external commercial borrowing (INR ECB) bonds.

Clean Renewable Power (Mauritius) Pte. Ltd. (CRP) proposes to issue six-year USD senior unsecured notes. CRP is a financing vehicle incorporated in Mauritius and a wholly owned subsidiary of Hero Future Energies (HFE).

Fitch Ratings Agency assigned BB-(Exp) rating to the proposed notes. CRP will use the proceeds to subscribe to Indian rupee-denominated external commercial borrowing (INR ECB) bonds by entities in