Issue of US$403 million infrastructure asset-backed securities by Bayfront Infrastructure Capital III Pte. Ltd.
Allen & Gledhill advised Bayfront Infrastructure Capital III Pte. Ltd. (“Bayfront Infrastructure Capital”), a wholly owned subsidiary of Bayfront Infrastructure Management Pte. Ltd. (“Bayfront”), on the issue of four classes of investment grade rated notes (“Notes”), comprising US$187.9 million Class A1 senior secured floating rate notes due 2044, US$110 million Class A1-SU senior secured floating rate notes due 2044, US$33.4 million Class B senior secured floating rate notes due 2044 and US$43 million Class C senior secured floating rate notes due 2044.
Bayfront is the sponsor for the transaction and the holder of preference shares issued by Bayfront Infrastructure Capital. BIM Asset Management Pte. Ltd. (“BIM Asset Management”), a wholly owned subsidiary of Bayfront, is the collateral manager for the transaction.
The four classes of Notes are backed by cash flows from a portfolio of project and infrastructure loans in the Asia-Pacific, Middle East and Americas regions. The Notes were offered to institutional investors and are listed on SGX-ST.
Advising Bayfront Infrastructure Capital and BIM Asset Management as to Singapore law were Allen & Gledhill Partners Yeo Wico, Jeanne Ong, Andrew Chan, Jo Tay and Sunit Chhabra.
