New Issue: Developing World places $60.8 million 5.85% renewable energy note

By Devika Patel

Knoxville, Tenn., March 2 – Developing World Markets said it settled a $60.8 million placement of a four-year 5.85% off-grid, renewable and climate action impact note.

The lead investors were two faith-based pension funds, Church Pension Fund and Wespath Benefits and Investments, with each investing $30 million. Other investors included off-grid solar operating companies, D.light, Kingo Energy and Off-Grid Electric, as well as microfinance institutions Saija Finance, Satin Creditcare Network, KMF, XacBank, FDL, Produbanco, Banco Procredit and Finca Nicaragua. Investors also included King & Shaxson, Invethos and Developing World Markets.

Proceeds were earmarked for solar home solutions and other forms of renewable energy, as well as CO2 and greenhouse gas mitigation activities.

The Stamford, Conn., issuer arranges financing for microfinance institutions in the developing world, enabling low income entrepreneurs with no legitimate alternative access to capital.

Issuer:	Developing World Markets
Issue:	Off-grid, renewable and climate action impact note
Amount:	$60.8 million
Maturity:	Dec. 7, 2020
Coupon:	5.85%
Investors:	The Church Pension Fund and Wespath Benefits and Investments (leads, each contributing $30 million), D.light, Kingo Energy, Off-Grid Electric, Saija Finance, Satin Creditcare Network, KMF, XacBank, FDL, Produbanco, Banco Procredit and FINCA Nicaragua, King & Shaxson, Invethos and Developing World Markets
Pricing date:	Feb. 27
Settlement date:	March 2
Distribution:	Private placement

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