Milbank LLP represented JSW Infrastructure Limited (“JSW Infrastructure"), a leading private sector infrastructure development company based in India, in connection with its debut sustainability-linked bond issuance (“SLB”) of US$400 million 4.95% notes due 2029.
The sale is JSW Infrastructure’s first Rule 144A / Regulation S issuance and marks the first successful SLB by an Indian ports company. Underwriters include Deutsche Bank, Standard Chartered, Axis Bank, Barclays and Emirates NBD Bank.
In completing the transaction, JSW Infrastructure becomes one of the first companies to issue a long tenor high yield bond in a debut issuance. It will direct the funds raised to repay the existing debt of the company and its subsidiaries.
“We are proud to have guided JSW Infrastructure through its successful debut bond issuance,” said Hong Kong-based Global Capital Markets partner James Grandolfo. “The bond is not only a milestone for JSW Group and its green priorities, but it also demonstrates the preeminence of environmental sustainability for port companies regionally and globally.”
Milbank recently advised on a number of green and sustainability-linked bonds in India. It advised JSW Hydro Energy Limited on a US$707 million debut green project bond issuance; JSW Steel Ltd. on a US$500 million sustainability-linked bond – the global steel industry’s first USD-denominated issuance; and Delhi International Airport Limited in connection with a US$450 million CICERO-certified green bond issuance.
The Milbank team was led by Mr. Grandolfo and included associate York Wu.
