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Latham & Watkins Advises Adani Green Energy on its US$362.5 million Co-Issuer Green Bond Offering

October 22, 2019
Cross-border team advises on the first fully-amortizing co-issuer bond offering.

Latham & Watkins represented Adani Green Energy Limited, through subsidiaries and co-issuers Adani Renewable Energy (RJ) Limited, Wardha Solar (Maharashtra) Private Limited, and Kodangal Solar Parks Private Limited (collectively the "co-Issuers"), in the US$362.5 million co-issuance of 4.625% senior secured notes due 2039, with a full amortization feature on a semi-annual basis (resulting in an average tenor of 13.47 years). The notes of each co-issuer are also guaranteed by each of the other co-issuers. The notes are listed on the SGX-ST.

The bond offering, the second on which the firm has advised Adani Green Energy, represents the first fully-amortizing co-issuance by an Indian company and only the third co-issuance by an Indian company. Latham previously advised Adani Green Energy for co-issuance in May 2019 and ReNew Power Ventures Private Limited on India’s first co-issuance in March 2019.

The joint bookrunners for the notes offerings were Barclays Bank PLC, Citigroup Global Markets Limited, Credit Suisse (Hong Kong) Limited, Deutsche Bank AG, J.P.Morgan Securities plc, MUFG Securities Asia Limited and Standard Chartered Bank. In connection with the offering, the co-issuers received an independent assurance from KPMG regarding the suitability of the notes and their green bond program as an investment in connection with certain environmental and sustainability criteria. S&P Global Ratings has also conducted a green evaluation in relation to the notes and issued an overall score of E1/90.

The Latham team was led by Singapore partner and India Practice Head Rajiv Gupta, with Singapore counsel Monsiree Jirasarunya and associate Su Yeun Yang. English law advice was provided by partner Lene Malthasen in London.