Deals this week: Seven Generations Energy, NRSS XXXI (B) Transmission, Sonnedix


Seven Generations Energy plans to raise $700m in gross proceeds in a private placement of 5.375% senior unsecured notes due 2025.

The company expects to close the placement on 2 October 2017, intending to use the proceeds to fund its outstanding 8.25% senior unsecured notes.

NRSS XXXI (B) Transmission has raised gross proceeds of Rs6.8bn ($104.4m) through a public offering of non-convertible debentures (NCD) due 2039.

To be repaid quarterly, the NCDs will initially carry a coupon rate of 7.87%. The average quarterly coupon rate is estimated to be approximately 8%.

Proceeds from the transaction are intended for repaying bank loans.

NRSS XXXI (B) Transmission is an Indian electricity transmission services provider. The company has engaged Axis Bank as its sole arranger for the transaction.

Sonnedix has obtained project financing of €74m ($88m) from Benjamin de Rothschild Infrastructure Debt Generation (BRIDGE) and infrastructure debt funds managed by La Banque Postale Asset Management (LBPAM).

"NRSS XXXI (B) Transmission has raised gross proceeds of Rs6.8bn ($104.4m) through a public offering."

Sonnedix executed the transaction under the existing joint venture (JV) with Q-Energy and intends to use the funds to refinance certain solar photovoltaic (PV) plants in Spain that have a combined installed capacity of 18.17MW.

The company engaged CaixaBank, Deutsche Bank, and BNP Paribas Trust Corporation UK as the global coordinators, mandated lead arrangers, and trustees respectively for the transaction.

Sonnedix engaged Linklaters as its legal advisor, while the bond investors engaged Herbert Smith Freehills as their legal advisor, G-Advisory as technical advisor, Deloitte as model auditor, and Willis as insurance advisor.

Companhia Energetica de Minas Gerais (Cemig) has announced its intentions to raise up to R$1bn ($319.34m) through a public offering of 200 million new shares.

The proceeds from the offering will form a part of R$1.1bn ($351.27m) signing bonus payment to retain the 408MW Miranda plant in Minas Gerais, Brazil.

Cemig is engaged in power generation and distribution.

RusHydro has raised gross proceeds of RUR20bn ($344.4m) in a public offering of 8.125% Eurobonds due 28 September 2022.

The company has engaged Gazprombank, VTB Capital, JPMorgan Chase & Co, and Sberbank Rossii as the book-runners for the offering.