Squire Patton Boggs has advised Continuum Green Energy Limited and its wholly owned subsidiary CGE Treasury IFSC Private Limited, as English counsel and special US counsel in connection with a US$450 million dual-tranche green bond offering and concurrent cash tender offer.
This offering comprised US$390 million senior bonds due 2031, and US$60 million senior fixed-to-floating bonds due 2034, issued under Rule 144A and Regulation S of the US Securities Act and listed on NSE IFSC Limited (NSE IX), GIFT City IFSC. Deutsche Bank, JP Morgan and Emirates NBD Bank acted as joint lead managers and joint bookrunners. The proceeds from the new issue were applied in part to fund a concurrent tender offer to purchase for cash all of its outstanding 9.50% senior secured notes due 2027, issued by Continuum Energy Aura Pte Limited, which were also green bonds.
The bonds are governed by English law and were offered to investors globally including the US, and the firm advised on both the English law documentation and the US federal securities law aspects of the offering, alongside the liability management exercise conducted in parallel with the new issue.
The Squire Patton Boggs team was led by Corporate partner, Philip Lee, who heads capital markets for the Asia Pacific region, with the assistance of counsel Andhari Sidharta, senior associate Le Jing Ong and associate Suneha Kasel. Philip and his team regularly act for Indian issuers on international capital markets transactions (both in the debt and equity space), including in the renewable energy sector.
Philip Lee commented: “We are grateful to Continuum for entrusting us with this mandate. Combining a dual-tranche offering with a concurrent tender offer across English law documentation and a US distributed offering called for close coordination on a tight timetable, and it was a pleasure to work alongside the Continuum team and the other advisors on this transaction. Continuum’s commercial clarity and efficiency made that possible. The investor response speaks to the quality of Continuum’s platform, and to the continued maturation of India's renewable energy financing market. This financing marks an important milestone for Continuum, and we are proud to have supported the company in accessing the international debt capital markets to advance its strategic ambitions.”
Continuum Green Energy Limited is one of India’s leading independent renewable energy producers and is focused on supplying wind and solar energy to commercial and industrial consumers through a portfolio of utility-scale renewable energy generation assets in India, with projects spread across Gujarat, Rajasthan, Tamil Nadu, Madya Pradesh and other states, serving over 180 commercial and industrial customers.
