India: GE Energy-backed Atria Power plans $500m bond sale

Atria Power Corp. Ltd, a Bengaluru-based renewable power producer, plans to sell dollar bonds worth $500 million and has hired investment bankers for the process, according to two people aware of the development.

Atria has hired Barclays Plc, JPMorgan Chase & Co. and Swiss investment bank UBS AG to run the process, one of the two people said on condition of anonymity.

Atria, which is backed by GE Energy Financial Services, is seeking to expand capacity. Atria Power plans to develop 1,000MW of power projects with an investment of Rs3,000 crore over the next five years.

Atria Power runs wind, hydro and solar power projects. Its wind power projects include a 50MW plant at Kukru, Madhya Pradesh; a 25.5MW unit in Andhra Pradesh; and a 50MW plant at Kayathar, Tamil Nadu.

“Atria plans to launch dollar bonds to raise $300-500 million with a five-year tenure. However, the dates are not yet finalised as the uncertainty remains on the dollar bond market following the US treasury yield hike,” the second person said on condition of anonymity.

The borrowing cost for dollar bond issuers may increase as the US Treasury yields are likely to go up further. The US Federal Reserve raised the benchmark lending rate a quarter-point last month. Policy makers continue to project a total of three interest rate hikes this year. In the forecasts, Fed officials projected a median federal funds rate of 2.9% by the end of 2019, implying three rate hikes next year, compared with two moves seen in the last round of forecasts in December.

Emails sent to Sunder Raju, a director at Atria Power, went unanswered while spokespersons for UBS, JP Morgan and Barclays declined to comment.

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This article was first published on Livemint.com

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.