Allen & Gledhill has advised Bayfront IABS VIII on the issue of five classes of notes, comprising of US$498.7 million Class A senior secured floating rate notes due 2047, US$124.7 million Class B senior secured floating rate notes due 2047, US$44 million Class C senior secured floating rate notes due 2047, US$29.3 million Class D senior secured floating rate notes due 2047, and US$36.637 million subordinated perpetual notes. The notes are backed by cash flows from a portfolio of project and infrastructure loans and bonds in the Asia-Pacific, Europe and Americas regions. The Class A Notes are rated Aaa (sf) and AAA sf by Moody’s and Fitch, respectively. The Class B and Class C Notes are rated Aa3 (sf) and Baa3 (sf), respectively, by Moody’s. The Class D Notes, as well as the Subordinated Perpetual Notes, are unrated. Bayfront IABS VIII is a wholly-owned and newly incorporated distribution vehicle of Clifford Capital Asset Finance, a subsidiary of Clifford Capital Holdings (together with its subsidiaries, Clifford Capital Group), that also includes the Asian Infrastructure Investment Bank as a shareholder. The transaction is Clifford Capital Group’s largest IABS transaction, and its second successive IABS issuance in Rule 144A/Reg S format, extending its reach to a broader global institutional investor base. Clifford Capital Group’s IABS issuances remain the only IABS/Infrastructure CLO globally to feature dual credit ratings from two rating agencies, Moody’s and Fitch, for its Class A Notes. Partners Yeo Wico, Jeanne Ong, Andrew Chan, Jo Tay and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised the Housing Development Board on the issue of S$1.1 billion (US$855m) fixed rate notes due 2036, under its S$42 billion (US$32.6b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised DBS Bank, UBS Singapore Branch and Maybank Securities on the S$100 million (US$77.7m) IPO and listing of JustCo Holdings in Singapore. JustCo Holdings is a leading Singapore-grown flexible workspace operator with an extensive Asia Pacific network. Its market capitalisation at listing was approximately S$459.9 million (US$357.6m). DBS and UBS were appointed the joint issue managers and global coordinators, and DBS, UBS and Maybank Securities were appointed the joint book-runners and underwriters. Partners Tan Tze Gay and Wu Zhaoqi led the firm’s team in the transaction.
A&O Shearman has advised the joint dealer managers and joint lead managers on the tender offers of the outstanding US$410 million 3.875 percent guaranteed notes due 2027 and US$500 million 5.00 percent guaranteed notes due 2028, each issued by Nan Fung Treasury and guaranteed by Nan Fung International Holdings, and the concurrent issuance of new US$500 million 5.75 percent guaranteed sustainability bonds due 2036. The new bonds are listed in Hong Kong. Nan Fung International Holdings is the holding company for Nan Fung Group, a property-focused conglomerate and one of the largest privately-owned groups in Hong Kong by assets. Active in the market since 1965, Nan Fung Group operates across all key stages of development, including acquisition, design, engineering and marketing. The new guaranteed sustainability bonds are issued under the Nan Fung Group’s updated Sustainable Finance Framework. The proceeds of the issuance will be used exclusively to finance or refinance eligible new and existing green and/or social projects. The offering attracted strong investor demand, with the peak orderbook exceeding seven times the issue size, demonstrating continued investor confidence in Hong Kong property developers with strong credit fundamentals. Partner Agnes Tsang led the firm’s team in the transaction.
Baker McKenzie has acted as international and Malaysia counsel to Sime Darby Property on the formation a MYR1.25 billion (US$307m) closed-end, discretionary Shariah-compliant investment fund, as well as a co-investment sidecar established for a key investor. The fund will invest principally in build-to-suit-to-lease data centres, and industrial and logistics development projects located within Sime Darby Property’s established townships in Malaysia. Singapore funds principal Derek Kwan, supported by local principal Jens Carle, led the firm’s team in the transaction. Malaysian law advice was provided by a team from Wong & Partners led by partner Stephanie Phua.
Clifford Chance has advised Mitsui & Co on the creation of Ceva Bussan Animal Health, a joint venture in the Japanese animal health sector that brings together Bussan Animal Health (BAH) and Ceva Japan. As part of the transaction, Mitsui transferred 60 percent of its shareholding in BAH to Ceva Santé Animale (Ceva), and made an additional equity investment in Ceva. Ceva Bussan combines BAH’s established platform and nationwide sales network in Japan with Ceva’s global animal health expertise and product portfolio. It operates as a full-line animal health company, providing veterinary pharmaceuticals and products for both livestock and companion animals. Tokyo partner Masafumi Shikakura, supported by partners Natsuko Sugihara (Tokyo) and Laurent Schoenstein (Paris), led the firm’s team in the transaction.
JSA Advocates & Solicitors has advised HDFC Bank on the Rs19.4 billion (US$204m) financing availed by Indus Infra Trust, the road InvIT platform backed by GR Infra, to refinance the existing debt availed by the new SPVs acquired by the InvIT, among other purposes. Partner Karan Mitroo led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Tata Capital on a rupee term loan facility of Rs12.5 billion (US$131m) extended to Inox Clean Energy. The facility has been availed by Inox Clean Energy to support capital infusion into its group companies and project special purpose vehicles, acquisition of renewable energy assets from Vibrant Energy, Vena Group and Wind World (India), repayment of certain existing indebtedness, and for general corporate purposes. A part of the INOX Group’s renewable energy platform, Inox Clean Energy develops and operates renewable energy projects across India. The financing is expected to support the group’s expansion strategy in the solar and wind energy sectors, and strengthen its renewable energy portfolio. Partner Anurag Dwivedi led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised Aseem Infrastructure Finance (AIF) on a secured project financing extended to Opera Greenyana for the development of a 15 MW / 60 MWh standalone Battery Energy Storage System (BESS) project at Mulleria, Kerala. The financing, aggregating approximately Rs70.2 billion (US$737m), comprises facilities in the nature of a rupee term loan and letter of comfort. The proceeds will be utilised towards part-financing the project cost associated with the development and implementation of the battery energy storage facility. The transaction represents a significant financing in India’s evolving energy storage sector, and reflects increasing institutional lender participation in battery storage infrastructure under the country’s renewable energy transition framework. The project is expected to support grid stability and energy management objectives, while contributing to the growth of utility-scale energy storage capacity in India. A notable feature of the financing structure is the integration of viability gap funding support, with all viability gap funding tranches received by the borrower being mandatorily applied towards prepayment of the rupee term loan facility. The financing framework also incorporates a tailored covenant and reserve architecture designed to address the operational and lifecycle considerations unique to battery energy storage assets. Partner Anurag Dwivedi also led the firm’s team in the transaction.
S&R Associates has represented BW LPG, the world’s leading owner and operator of LPG vessels, on the sale of its 8.5 percent equity stake in Confidence Petroleum India, a listed LPG and CNG solutions provider. Counsel Apurv Sharma and partners Rajat Sethi and Rachael Israel, supported by partner Sumit Bansal on tax matters, led the firm’s team in the transaction.
TT&A has advised Citigroup Global Markets India, as the sole broker, on Westbridge AIF I’s sale in India’s stock exchanges of more than one million equity shares with face value of Rs10.00 (US$0.10) each in InterGlobe Aviation amounting to approximately Rs4.46 billion (US$46.8m). Partner Abhinav Kumar led the firm’s team in the transaction.
Zul Rafique & Partners has acted as Malaysian counsel to the finance parties on a US$283 million green loan financing for the development, construction and operation of a 45MW AI-ready data centre facility in Sedenak Tech Park, Johor, Malaysia. The financing supports a flagship project by Digital Decarbonization Solutions Platform (DDSP), a leading Asia-Pacific developer of data centre and decarbonised energy solutions. The Johor facility forms part of DDSP’s broader 1.1GW development pipeline across the Asia-Pacific region, which includes multiple hyperscale digital infrastructure and sustainable energy projects in key markets, such as Malaysia, Singapore, Thailand, Indonesia and Taiwan. The financing was arranged by CTBC Bank, MUFG Bank and Standard Chartered Bank, as mandated lead arrangers, underwriters and book-runners, together with Entie Commercial Bank as mandated lead arranger. Banking and finance partner Celine Rangithan led the firm’s team in the transaction.
