Appleby has been recognised for three winning deals in the April issue of the Asian-mena Counsel magazine. The ‘Deals of the Year 2017’ are ReNew’s Neerg Energy high-yield notes, Azure Power high-yield green bonds and Bumi Resources restructuring.
Mauritius Managing Partner, Malcolm Moller, commented, “These deals are among the largest of their kind in the region, and the team are proud to be recognised for their diligent efforts in advising on all aspects of Mauritius law for these clients.”
Appleby advised Neerg energy Ltd. on the issuance of its USD 475 million 6% Senior Secured bonds due in 2022 and its investment in Masala Bonds, issued by subsidiaries of Indian renewable energy company ReNew Power Ventures Private Ltd of the same value. Similarly, the team advised Azure Power Energy Ltd. on the issuance on USD 500 million 5.50% Senior Notes due 2022, which are to be listed on the Singapore Exchange Securities Trading Limited. The notes qualify as green bonds and were certified by the Climate Bonds Initiative, a non-profit organisation working to mobilise debt capital markets for climate change solutions.
For its work with The Creditors of PT Bumi Resources, Appleby also won ‘Finance Deal of the Year: Insolvency and Restructuring’ at the Asia Legal Awards 2018. Bumi, which is Indonesia’s largest thermal coal miner, restructured its debts totalling USD 4.5 billion into new equity and new debt (made of senior loans and notes, mandatory convertible bonds and contingent value rights).This deal also involved Appleby’s Hong Kong team who advised on the Cayman aspects of the matter, led by Corporate Partner, Fiona Chan and supported by Legal Manager, Quinton Tse and Associate, Elizabeth Elliot.
The winning deals and honourable mentions were published in the April edition of Asian-mena Counsel magazine, which has a readership of more than 21,000 members, comprising in-house lawyers and those with a responsibility for legal and compliance issues in the Asia-mena region.
