Moody’s rates Zeus Energy notes B1

Moody’s Investors Service said it assigned a B1 rating to Zeus Energy Holdings Ltd.'s proposed five-year senior secured notes of up to $300 million.

The outlook is stable.

Zeus Energy will use the proceeds to subscribe to new senior unsecured nonconvertible debentures to be issued by ReNew Power Ltd.

The proceeds from the proposed nonconvertible debentures will be used to refinance ReNew Power's existing debt.

The agency said that Zeus Energy's credit profile is closely linked to that of ReNew Power, given that servicing of the proposed dollar notes will rely on the cash flow from ReNew Power under the proposed nonconvertible debentures, and holders of the proposed dollar notes will benefit from a first ranking charge over the nonconvertible debenture proceeds from time to time.

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