Appleby Bermuda and BVI advised in connection with Investment Energy Resources Limited (IERL) inaugural issuance of US$700 million of green bonds at an interest rate of 6.250% and expiring in 2029 (Notes), and a syndicated loan of US$300 million to refinance all of its project finance indebtedness (Bank Loan Facility and together with the Notes, Transactions).
The Transactions involved the issuance of the Notes by IERL and guaranteed, on a senior secured basis, by certain of its subsidiaries (Guarantors). The obligations of the Issuer and the Guarantors under the Notes were primarily secured through a pledge of the shares of the Issuer and the shares of the Guarantors pursuant to share pledge agreements governed by local laws.
In addition, simultaneously with the issuance of the Notes, IERL entered into a Bank Loan Facility for an estimated aggregate principal amount of US$300 million, to rank pari-passu with the Notes.
A significant portion of the expected proceeds from Notes will be used to refinance eligible green projects while the balance will be used to refinance project debt from other renewable energy assets.
The Appleby team included Partner Tammy Richardson-Augustus (Picture) with assistance from BVI Partner Shana Simmonds (on matters of BVI law) and Senior Associate Andrew Kuzma (on matters of Bermuda law).
Law Firms: Appleby;
Clients: Investment Energy Resources Limited;