Clifford Chance has advised on the issuance of USD733 million in infrastructure asset-backed securities (IABS) by Bayfront IABS VIII, a newly incorporated distribution vehicle of Singapore-based infrastructure credit platform Clifford Capital.
The issuance marks Clifford Capital’s eighth and largest public IABS transaction to date, comprising a diversified portfolio of 44 project finance and infrastructure loans and bonds across 40 obligors in the Asia-Pacific, Europe and the Americas.
It is also the second consecutive issuance structured under Rule 144A of the US Securities Act of 1933, as well as Regulation S under the same act.
Clifford Chance counselled the joint global co-ordinators, joint bookrunners and joint lead managers, which included BNP Paribas, JP Morgan Securities and Societe Generale, on England, US and Singapore law aspects of the transaction. MUFG Securities Asia’s Singapore branch and Standard Chartered Bank (Singapore) also acted as joint bookrunners and joint lead managers.
Partners Francis Edwards, head of the derivatives and structured finance practice in Greater China, and Lena Ng, who leads the financial regulatory practice in the Singapore office, offered deal advice with senior associate Nicholas Henneberry and associate Alice Tsui.
Partner Mel Chan and associate Didi Hu advised on project and infrastructure aspects, while New York-based partners Robert Villani and Matt Lyons handled US law matters.
US tax advice was provided by partner Avrohom Gelber and associate Kade Moural, while London-based partner Bruce Kahl and his team acted as trustee counsel and advised Citicorp International. Associate Ebony Williams assisted on matters pertaining to the Employee Retirement Income Security Act.
Bayfront VIII includes four classes of USD denominated senior secured floating rate notes and a subordinated tranche. The class A notes are dual rated by Moody’s and Fitch, while all senior notes are listed on the Singapore Exchange.
