Shardul Amarchand Mangaldas assist Azure Power in the issue of green bonds
Shardul Amarchand Mangaldas & Co (SAM & Co) advised Azure Power, a subsidiary of Azure Power Global Limited in the issuance of green bonds to eligible yield investors having 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...
Shardul Amarchand Mangaldas & Co (SAM & Co) advised Azure Power, a subsidiary of Azure Power Global Limited in the issuance of green bonds to eligible yield investors having 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 Prashant Gupta, Partner, NP Head – Capital Markets; Monal Mukherjee, Partner; Shilpa Mankar Ahluwalia, Partner; Anjali Verghese, Senior Associate; Pritha Chatterjee, Senior Associate; Suswagata Roy, Consultant; Aditya Iyer, Associate; Maharghya Biswas, Associate; Oindree Bandyopadhyay, Associate; Poorvi Jain, Associate; Jayant Bhardwaj, Associate.
The tax disclosures were reviewed by Gouri Puri, Partner and Ankita Bhasin, Principal Associate.
The total value of the deal is US$ 350,101,000. The deal was signed on September 17, 2019 and closed on September 24, 2019.
SAM & Co were the advisers to the Initial Purchasers as to Indian laws. (The Joint Book Runners and the Joint Global Co-ordinators and Joint Bookrunners, together constitute the “Initial Purchasers”)
Joint Global Coordinators and Joint Bookrunners constituted of Barclays Bank PLC, Credit Suisse (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited.
Joint Bookrunners constituted of 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.