Star Energy Geothermal Group’s US$1.1 Billion Dual Tranche Green Project Bond

Clifford Chance has advised Star Energy Geothermal Group on its offering on the Singapore Stock Exchange of a dual tranche US$1.1 billion green project bond.

The offering consists of US$320 million 3.25% senior secured amortising notes due 2029 and US$790 million 4.85% senior secured amortising notes due 2038, both rated Baa3 by Moody’s and BBB- by Fitch and offered under Regulation S and Rule 144A.

A portion of the proceeds will be used to finance or refinance eligible green assets relating to the development, construction and operation of geothermal energy generation facilities in the Salak-Darajat contract area in West Java, Indonesia.

A cross-practice, multi-jurisdiction team in Singapore, Hong Kong, Amsterdam and New York advised on all aspects of the transaction under US federal securities and tax laws, New York law, English law, Singapore law and Dutch law. The team includes: Partners Gareth Deiner (Picture) and Johannes Juette, associates Stephanie Liman and Yvonne Xiao and trainee Kin Kan Chan advised on the debt capital markets, New York and US federal securities law aspects; Partners Andrew Hutchins and Melissa Ng, senior associate Joanne Chan, associates Madeleine Burrill and Michael Ng, and trainee Joel Lee advised on the English and Singapore law, intercreditor, corporate and security aspects; Senior counsel Tineke Kothe, associate Laura Stegeman and trainee Sam Akkersdijk advised on the Dutch corporate and securities aspects; and Partners Avrohom Gelber and Jefferey LeMaster advised on the US tax and fund regulation aspects.
Involved fees earner: Madeleine Burrill – Clifford Chance; Joanne Chan – Clifford Chance; Gareth Deiner – Clifford Chance; Avrohom Gelber – Clifford Chance; Andrew Hutchins – Clifford Chance; Johannes Juette – Clifford Chance; Tineke Kothe – Clifford Chance; Jefferey LeMaster – Clifford Chance; Stephanie Liman – Clifford Chance; Michael Ng – Clifford Chance; Melissa Ng – Clifford Chance; Laura Stegeman – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Star Energy Geothermal ;

Author: Michael Patrini