Linklaters has advised on Continuum Group’s landmark US$450m international dual-series bond issuance through its GIFT City treasury centre, alongside a concurrent tender offer and conditional redemption, acting for (i) the joint bookrunners on the bond issuance, including assisting the working group with the conditional redemption of existing 2027 notes issued by Continuum Energy Aura Pte. Ltd., and (ii) the dealer managers on the tender offer.
The issuance comprised US$390m senior bonds due 2031 and US$60m senior fixed-to-floating bonds due 2034, issued by CGE Treasury IFSC Private Limited, a GIFT City treasury vehicle of Continuum Group. The bonds are guaranteed by Continuum Green Energy Limited and have been listed on NSE IFSC Limited and GIFT City IFSC. The offering was made under Rule 144A and Regulation S, enabling participation from qualified institutional buyers in the United States and non-US investors.
The wider transaction also involved a concurrent any-and-all cash tender offer by Continuum Energy Aura Pte. Ltd. for its outstanding US$435m 9.50% senior secured notes due 2027, together with the conditional redemption of any remaining outstanding notes.
The deal marks the first international bond issuance by CGE Treasury IFSC Private Limited and is one of the earliest international bond issuances by a Global/Regional Corporate Treasury Centre-registered entity under the GIFT City IFSC framework.
Continuum Green Energy is one of India’s leading renewable energy platforms, focused on supplying green power to commercial and industrial customers through utility-scale renewable energy generation assets across India.
Linklaters advised on English and US law aspects of the full transaction. The cross-border team was led by partner and Head of India Practice Amit Singh and capital markets partner Michele Discepola, with support from counsel Grace Yumul-Villanueva and Magdalena Biereder.
Amit Singh, Head of India Practice at Linklaters, commented:
“We are pleased to have advised on this landmark transaction for the Continuum Group, which highlights the increasing importance of GIFT City as a route for Indian corporates to access international capital markets. The transaction brought together an international dual-series bond issuance with a concurrent liability management exercise, requiring close cross-border coordination across English law, US securities law and Indian regulatory considerations. It reflects the continued sophistication of India-related cross-border financing activity and the growing use of GIFT City treasury platforms in the international debt capital markets.”
With more than 50 years of experience in Asia, Linklaters provides clients with practical expertise and commercial insights to capitalise on opportunities. This transaction builds on the firm’s strong track record advising on complex India-related cross-border financings and capital markets transactions, including ReNew Energy’s landmark US$600m senior secured green bond issuance through a GIFT City entity and the US$650m senior secured repack high-yield notes issuance by Mercury Finance Company as part of Shapoorji Pallonji Group’s broader refinancing package.
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