Issue of US$458 million asset-backed securities by Bayfront Infrastructure Capital Pte. Ltd.
Allen & Gledhill advised Bayfront Infrastructure Capital Pte. Ltd. (“Bayfront Infrastructure Capital”) and Clifford Capital Pte. Ltd. (“Clifford Capital”), on the issue of US$320.6 million Class A senior secured floating rate notes due 2038 (the “Class A Notes”), US$72.6 million Class B senior secured floating rate notes due 2038 (the “Class B Notes”), US$19 million Class C senior secured floating rate notes due 2038 (the “Class C Notes”), and US$45.8 million subordinated notes due 2038 (the “Subordinated Notes”, and collectively with the Class A Notes, the Class B Notes and the Class C Notes, the “Notes”) by Bayfront Infrastructure Capital.
Clifford Capital was the sponsor and manager for the transaction and holder of the Subordinated Notes.
The four classes of notes are backed by cash flows from a portfolio of project and infrastructure loans in Asia-Pacific and the Middle East.
This transaction is the first infrastructure project finance securitisation in Asia, and marks a significant milestone with the creation of a new asset class to facilitate institutional investor access to infrastructure debt in Asia-Pacific and the Middle East.
Advising Bayfront Infrastructure Capital and Clifford Capital as to Singapore law were Allen & Gledhill Partners Yeo Wico and Jeanne Ong, Danny Tan, Andrew Chan and Sunit Chhabra.
