Shardul Amarchand Mangaldas advises Azure Power in issuing green bonds equivalent to US$ 350,101,000
October 3, 2019
Shardul Amarchand Mangaldas has advised Azure Power, a subsidiary of Azure Power Global Limited in the issuance of green bonds to eligible yield investors who have a specific mandate or portfolio for buying green bonds, and in each case are qualified institutional buyers, as per Rule 144A under the Securities Act of 1933 (the “Securities Act”) or are offshore to the United States of America, in accordance with Regulations under the Securities Act. The US dollar-denominated bonds, certified by the Climate Bonds Initiative, bear a coupon of 5.65% and will mature in 2024.
The Capital Markets practice group at SAM & Co acted as legal counsel to Azure Power as to Indian law and were involved in finalizing the offering memorandum and drafting and negotiating the term sheets and other documentation for the downstream onshore bonds, and the legal due diligence of Azure’s Restricted Subsidiaries.
The transaction team that worked on the deal from SAM & Co included Mr. Prashant Gupta, Partner, NP Head – Capital Markets; Ms. Monal Mukherjee, Partner; Ms. Shilpa Mankar Ahluwalia, Partner; Ms. Anjali Verghese, Senior Associate; Ms. Pritha Chatterjee, Senior Associate; Mr. Suswagata Roy, Consultant; Mr. Aditya Iyer, Associate; Mr. Maharghya Biswas, Associate; Ms. Oindree Bandyopadhyay, Associate; Ms. Poorvi Jain, Associate; Mr. Jayant Bhardwaj, Associate.
In addition, Ms. Gouri Puri, Partner, and Ms. Ankita Bhasin, Principal Associate reviewed tax disclosures.
The total value of the deal is US$ 350,101,000. The signing date was September 17, 2019 and the closing date was September 24, 2019.
Advisors to Azure Power: Linklaters LLP as to matters of New York and U.S. federal securities laws and Appleby as to Mauritius law.
Joint Global Coordinators and Joint Bookrunners: Barclays Bank PLC, Credit Suisse (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited Joint Bookrunners: Jefferies India Private Limited, JMP Securities LLC, MUFG Securities Asia Limited, Roth Capital Partners, LLC, Société Générale, Standard Chartered Bank, YES Bank Limited, IFSC Banking Unit.
(the Joint Book Runners and the Joint Global Coordinators and Joint Bookrunners, together “Initial Purchasers”)
Advisors to Initial Purchasers: Latham & Watkins LLP as to matters of New York Law and Cyril Amarchand Mangaldas as to matters of Indian Law.