Issue of US$733.3 million infrastructure asset-backed securities by Bayfront IABS VIII Pte. Ltd.
Allen & Gledhill advised Bayfront IABS VIII Pte. Ltd. (“Bayfront IABS VIII”) on the issue of five classes of notes comprising of US$498.7 million Class A senior secured floating rate notes due 2047 (“Class A Notes”), US$124.7 million Class B senior secured floating rate notes due 2047 (“Class B Notes”), US$44 million Class C senior secured floating rate notes due 2047 (“Class C Notes”), US$29.3 million Class D senior secured floating rate notes due 2047 (“Class D Notes”), and US$36.637 million subordinated perpetual notes (“Subordinated Perpetual Notes” and together with the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, “Notes”).
The Notes are backed by cash flows from a portfolio of project and infrastructure loans and bonds in the Asia-Pacific, Europe and Americas regions. The Class A Notes are rated Aaa (sf) and AAA sf by Moody’s and Fitch respectively. The Class B and Class C Notes are rated Aa3 (sf) and Baa3 (sf) respectively by Moody’s. The Class D Notes, as well as the Subordinated Perpetual Notes, are unrated.
Bayfront IABS VIII is a wholly owned and newly incorporated distribution vehicle of Clifford Capital Asset Finance Pte. Ltd., a subsidiary of Clifford Capital Holdings Pte. Ltd. (together with its subsidiaries, “Clifford Capital Group”) that also includes the Asian Infrastructure Investment Bank as a shareholder.
The transaction features Clifford Capital Group’s second successive IABS issuance in Rule 144A/Reg S format, extending its reach to a broader global institutional investor base. This is also Clifford Capital Group’s largest IABS transaction to date, and Clifford Capital Group’s IABS issuances remain the only IABS/Infrastructure CLO globally to feature dual credit ratings from two rating agencies, Moody’s and Fitch for its Class A Notes.
Advising Bayfront IABS VIII were Allen & Gledhill Partners Yeo Wico, Jeanne Ong, Andrew Chan, Jo Tay, and Sunit Chhabra.
