Continuum Group offers landmark USD450 million worth of senior green bonds in the second such issuance by an Indian corporate and are listed on the NSE International Exchange (NSE IX) in GIFT City.
The issuance also marks the inaugural international bond offering by CGE Treasury IFSC, a global/regional Corporate Treasury Centre (GRCTC) registered in GIFT City IFSC. It is among the earliest international bond issuances that a GRCTC-registered entity has undertaken under the evolving GIFT City IFSC regulatory framework.
Shardul Amarchand Mangaldas & Co (SAM) and Squire Patton Boggs counselled Continuum Group; Talwar Thakore & Associates (TT&A) and Linklaters Singapore assisted the joint bookrunners and joint lead managers; and Mayer Brown Hong Kong provided legal support for the trustee.
The issuance comprises USD390 million senior bonds due 2031 and USD60 million senior fixed-to-floating bonds due 2034, and are guaranteed by Continuum Green Energy.
The bonds were issued under Rule 144A and Regulation S of the US Securities Act of 1933, enabling participation from qualified institutional buyers in the US and offshore investors.
“Continuum Group issued the bonds through their treasury centre in GIFT City. This is now the second such issuance by an Indian corporate and shows the growing popularity of treasury centres for efficient management of liquidity at the group level,” said Priyanka Kumar, lead partner for the TT&A team.
The TT&A team comprised partners Kumar and Rahul Gulati, managing associate Saara Ahmed, and associates Jhanvi Shah and Vishnu M. The team guided Deutsche Bank’s Singapore branch, JP Morgan Securities and Emirates NBD Bank PJSC, which were the joint bookrunners and joint lead managers). TT&A also advised the Indian hedge banks on the execution of the hedging documentation in connection with the bonds.
Linklaters Singapore advised the joint bookrunners and joint lead managers on England and US federal laws. The team was led by partner and head of India practice, Amit Singh, and capital markets partner, Michele Discepola.
SAM counselled Continuum Group on all Indian law aspects of the transaction, including the regulatory framework applicable to the issuer under the GIFT City IFSC regime, the structuring of the offering, the negotiation and finalisation of the offering circular and transaction documents, including the bond documentation, trust deeds and corporate guarantees. The firm was also the listing agent for the bonds on the NSE IX and advised the issuer on the associated hedge facilities, including the International Swaps and Derivatives Association documentation and related corporate guarantees.
Partner Shubhangi Garg led the transaction team, with support from principal associate Ankeeta Parhi, senior associate Sandeep Grewal, and associates Dhwanit Rathor and Yuvraj Mathur. The tax and capital markets teams also assisted.
