Sustainability-linked financing for Indian telecom tower operator

Client

Client-logo

Partnership

Our role

Mandated Lead Arranger and Bookrunner

Year

2024

VALUE

US$248m

Project
GIP telecoms financing

OBJECTIVE

To finance telecom tower operator in India

Location

India

SYNOPSIS

Clifford Capital, as one of the mandated lead arrangers and bookrunners, successfully closed a US$248 million financing for GIP EM Ascend 2 Pte Ltd., a Singapore-based company owned by Global Infrastructure Partners (GIP). Clifford Capital coordinated the amendment of the Borrower’s existing US$160 million facility, and arranged an additional US$100 million, comprising a US$95 million term loan and a US$5 million revolving credit facility.

The transaction is structured as a Sustainability Linked Loan (SLL), where the loan margin is reduced if specific Sustainability Performance Targets promoting sustainable business practices are achieved.

The transaction was well-received by the market, with the existing lender group approving the proposed amendments and most of the lenders upsizing their facility commitments.

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