14 October 2022
- Paul Landless, Ross Howard, Julia Tsybina, Robert Villani, Gareth Old, Nicholas Henneberry, Mel Chan, Mae Yen Teoh, Leland Hui, Didi Hu, Bruce Kahl, Andrew Whelan, Struan Murray
- Singapore, London, New York, Sydney
Clifford Chance advises on Bayfront Infrastructure’s US$402 million securitisation of project and infrastructure debt
Leading international law firm Clifford Chance has advised Citi, ING, MUFG, SMBC Nikko and Standard Chartered Bank as joint lead managers and joint bookrunners on Bayfront Infrastructure Management Pte. Ltd’s US$402.7 million infrastructure securitisation by Bayfront Infrastructure Capital III Pte. Ltd. Citi is the Sole Global Coordinator.
The transaction is a publicly issued securitisation incorporating a dedicated sustainability tranche backed by eligible green and social assets, which builds on successful issuances of Asia’s pioneering securitisation of project and infrastructure loans by Bayfront Infrastructure Capital in 2018 and 2021 respectively. The latest transaction will provide investors exposure to a US$402.7 million portfolio of 26 project and infrastructure loans diversified across multiple sectors and geographies in Asia Pacific, the Middle East and the Americas and marks the first issuance from the platform using Term SOFR as a reference rate.
Lead partner Paul Landless said, “We are proud to advise Bayfront on all aspects of its landmark transaction including English, Singapore and US securities law. Leveraging on the firm’s track record to deliver global expertise in project financing, securitisation and structured debt in capital markets, our advice on this deal supports the continued expansion of Bayfront Infrastructure’s financing platform which mobilises institutional capital to further infrastructure projects across various host countries, helping partner banks recycle capital for such projects while promoting Singapore’s status as a credible hub for infrastructure financing.”
The project involved a global and agile team from Singapore, London, New York and Sydney combining a range of product areas and skillsets into a single and tailored Structured Debt offering. Lead partner Paul Landless (Singapore) was joined by partners Ross Howard (Singapore), Julia Tsybina (London), Rob Villani (New York) and Gareth Old (New York), while lead senior associate Nicholas Henneberry (Sydney) worked together with counsel Mel Chan and Mae Yen Teoh, associates Michelle Lee, Leland Hui and Didi Hu and trainee Gunika Phalswal in Singapore.
A separate Clifford Chance team from London led by partner Bruce Kahl and including senior associates Andrew Whelan and Struan Murray advised DB International Trust (Singapore) Limited as trustee.
Clifford Chance previously advised on Bayfront Infrastructure’s landmark US$401 million securitisation of project and infrastructure debt – the first of its kind in Asia Pacific.