Clean Renewable Power Pte. Ltd.’s US$363 Million Notes Offering

Linklaters and Appleby Mauritius advised Clean Renewable Power (Mauritius) Pte. Ltd. on the deal.

Clean Renewable Power (Mauritius) Pte. Ltd. (CRP), a special purpose vehicle and wholly owned subsidiary of Hero Future Energies Asia, issued Rule 144A/Reg S US$363m 4.25% senior notes due 2027. The structure put in place allowed certain Hero group companies in India to issue to CRP (and cross-guarantee) various series of rupee denominated senior secured bonds (with high-yield bond style covenants) in compliance with the Indian regulatory regime. Concurrently, the ultimate offshore investors purchased US dollar debt issued by CRP (which entered into certain hedging and other arrangements to remove some of the FX risk for the offshore bondholders).

Head of Southeast Asia and South Asia Capital Markets, Amit Singh (Picture), was involved in the transaction.

The Appleby team included Group Managing Partner Malcolm Moller, Counsel Melissa Virahsawmy and Associate Karishma Beegoo.

Involved fees earner: Karishma Beegoo – Appleby; Malcolm Moller – Appleby; Melissa Virahsawmy – Appleby; Amit Singh – Linklaters;

Law Firms: Appleby; Linklaters;

Clients: Clean Renewable Power (Mauritius) Pte. Ltd.;

Sonia Carcano

Author: Sonia Carcano