Six firms advise on DIAL’s orphan SPV green bond offer

Six firms advise on Delhi International Airport's orphan SPV green bond offer

Talwar Thakore & Associates and Milbank advised Delhi International Airport (DIAL) in its recent US$450 million green bond issue, which adopted a structure that has been used only twice before by Indian companies, most recently by ReNew Power in February.

Appleby advised Cliffton, a Mauritius-based orphan special purpose vehicle that issued the bonds, while Cyril Amarchand Mangaldas (CAM) and Linklaters advised the joint lead managers to the issue, and Mayer Brown advised the trustees.

“This was one of the most complex deals from India involving the orphan back-to-back structure with hedging to mitigate FX exposure,” said Linklaters’ Singapore-based partner Amit Singh, who led the law firm’s team. Counsel Michele Discepola and Lim Xunming assisted on the deal.

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