The Transactions involved the issuance of the Notes by IERL and guaranteed, on a senior secured basis, by certain of its subsidiaries (Guarantors). The obligations of the Issuer and the Guarantors under the Notes were primarily secured through a pledge of the shares of the Issuer and the shares of the Guarantors pursuant to share pledge agreements governed by local laws.
In addition, simultaneously with the issuance of the Notes, IERL entered into a Bank Loan Facility for an estimated aggregate principal amount of US$300 million, to rank pari-passu with the Notes.
The transaction represented the largest green bond of a renewable energy company in Central America and the Caribbean. Investor offerings were global (United States, Europe, Asia, and Latin America) and were nearly five (5) times the size of the issuance.
A significant portion of the expected proceeds from Notes will be used to refinance eligible green projects while the balance will be used to refinance project debt from other renewable energy assets. The 4 eligible categories, covered under green bonds are: Renewable energy, Energy efficiency, Green buildings and Clean Transport:
Partner Tammy Richardson-Augustus led this transaction with assistance from BVI Partner Shana Simmonds (on matters of BVI law) and Senior Associate Andrew Kuzma (on matters of Bermuda law).
Appleby’s Hong Kong office continues to act as Bermuda and BVI counsel for China Oil and Gas Group Limited on its high value senior notes
The notes issuance is the fifth senior notes issuance by the Company since 2013.