Cyril Amarcand Mangaldas advises on $500m FX climate bond issuance by Indian Railway Finance Corporation

Bombay (Maharashtra)/ New Delhi [India], February 23 (ANI/NewsSee): Cyril Amarchand Mangaldas advised the bankers on Indian Railway Finance Corporation Limited’s (IRFC) $500 million offshore fundraising through foreign currency climate bonds, in as part of its $7 billion medium-term global plan. Notes program (MTN program). The bankers of the transaction were BNP Paribas; DBS Bank Limited; The Hongkong Shanghai Banking Corporation Limited; MUFG Securities Asia Limited; State Bank of India (London branch); and Standard Chartered Bank.

The capital markets practice of Cyril Amarcand Mangaldas advised the Operation. The Capital Markets team was led by Gokul Rajan, Partner; with the support of Ambuj Gupta, partner; and Chinar Gupta, partner. As part of the transaction, IRFC raised $500 million through 3.75% notes due 2032. IRFC had received a Climate Bonds certification from the Climate Bonds Initiative regarding its green finance framework. Drawdown by IRFC in accordance with the updated program was done under the Green Funding Framework, at the discretion of IRFC.

This transaction makes IRFC the first Central Public Sector Enterprise (CPSE) to list its offshore bonds exclusively on Indian stock exchanges established in GIFT city, Gandhinagar. IRFC will use the proceeds to finance qualifying green assets through a leasing model and to refinance existing debt used for qualifying green assets under IRFC’s “Green Financing Framework for Green Debt”. IRFC (Green Finance Framework) in accordance with applicable law. The funds raised will help Indian Railways achieve its carbon neutrality target and the broader goal set by the government to meet the emission and carbon standards set in COP26. Other parties and advisers to the transaction included Allen & Overy (Asia) Pte. ltd. (acted as international legal counsel for the issuer); Linklaters Singapore Pte. ltd. (acted as international legal advisors to arrangers and dealers).

The transaction was signed on January 21, 2022 and closed on January 24, 2022. India’s leading law firm, Cyril Amarchand Mangaldas, was founded on May 11, 2015 and takes over values ​​dating back 104 years, from the former Amarchan & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the firm has 750 lawyers, including more than 130 partners, and offices in India’s major business centers in Mumbai, New Delhi, Bengaluru and Ahmedabad. The firm advises a wide and varied clientele that includes domestic and foreign business enterprises, financial institutions, private equity funds, venture capital funds, start-ups, and government and regulatory bodies.

The company was recently named one of CII’s “25 Most Innovative Companies of the Year”. Also awarded “Law Firm of the Year” at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm has been recognized as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted India’s “Employer of Choice for 2020” by Asian Legal Business. This story is provided by NewsSee. ANI shall in no way be responsible for the content of this article. (ANI/NewsView)

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