CAM, Latham, TTA, Linklaters advise on Adani’s first green bond issue

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Cyril Amarchand Mangaldas (CAM) and Latham & Watkins advised Adani Green Energy in its maiden USD750 million green bond issue.

Talwar Thakore & Associates (TTA) and Linklaters advised the joint global co-ordinators and the bookrunners.

The deal closed on 8 September and the issue was oversubscribed 4.7 times.

According to Latham & Watkins’ Singapore based partner, Rajiv Gupta – who led the firm’s team along with Singapore partner Timothy Hia and Seoul partner Richard Lee Sukjoon – the deal transpired “against a backdrop of increased appetite for sustainable finance products among Asian investors”.

The Latham team included associates Sarah Soh and Ker Li-kang, while the firm’s London-based partner, Manoj Tulsiani, advised on English, and New York partner Lee-Lim Jiyeon and associate Lauren Bewley provided tax advice.

TTA’s team comprised partners Rahul Gulati and Priyanka Kumar, senior associates Anshita Chauhan and Ritika Singal, and associates Samiksha Kothari, Riya Shah and Anindita Dutta.

Linklaters’ team comprised its Singapore-based partner, Amit Singh, counsel Lim Xunming and managing associate Calvin Soon.

Singh said the firm was “delighted” to represent the underwriters on the issue, having represented them on Adani Green Energy’s “previous innovative co-issuer bond transactions”.

The four law firms had previously advised on bond issues done through subsidiaries of Adani Green Energy in June 2019 (USD500 million) and October 2019 (USD362.5 million).

The rule 144A/reg S offering of senior notes of three-year maturity carry a 4.375% coupon and are listed in Singapore and on the India International Exchange.

The proceeds of the issue are to be used for onward lending to the company’s subsidiaries, and for capital expenditure requirements to fund the development of eligible green projects. The company said it now had “a fully funded programme for both debt and equity” for its stated target of 25GW of capacity by 2025.