Clifford Chance advises on Clifford Capital’s US$802.4 million infrastructure asset-backed securities issuance

Global law firm Clifford Chance has advised Société Générale, as Sole Global Coordinator, and ING, MUFG, SMBC Nikko and Standard Chartered as Joint Bookrunners and Joint Lead Managers, on the issuance of US$802.4 million infrastructure asset-backed securities (IABS) by Bayfront IABS IX Pte. Ltd. (Bayfront IX), a distribution vehicle of Clifford Capital.

Bayfront IX is Clifford Capital’s ninth public IABS issuance and its largest public IABS issuance to date. The transaction features notes issued under Rule 144A / Reg S backed by a diversified portfolio of 46 project finance and infrastructure loans and bonds across 43 projects in 15 countries and 14 industry sub-sectors.

The transaction continues the development of Clifford Capital’s Bayfront programme, which has helped broaden institutional investor participation in infrastructure debt as an asset class. The issuance attracted strong investor demand and was two times oversubscribed. All senior notes will be listed on the Singapore Exchange.

Lead partner Francis Edwards said, “The level of demand for this latest issuance reflects continued institutional appetite for infrastructure debt and the strength of the Bayfront platform. Bayfront IX demonstrates the programme’s continuing ability to attract a diverse institutional investor base for infrastructure credit.”

Francis Edwards and Lena Ng led the Clifford Chance team that advised the joint lead managers on aspects of English, US and Singapore law, supported by Nicholas Henneberry and Alice Tsui. The team also included:

• US structured finance aspects: Robert Villani and Matt Lyons;
• US tax and ERISA aspects: Avrohom Gelber, Kade Moural and Aelya Simmons;
• Project and infrastructure aspects: Mel Chan and Didi Hu.

A separate team led by Bruce Kahl, supported by Andrew Whelan and Robert Hartman, advised Citicorp International Limited as trustee.

Clifford Chance has advised on successive Bayfront issuances over a number of years, reflecting the firm’s extensive experience in infrastructure debt securitisation and structured finance.