Lakadia Banaskantha Transco Limited

Swift Project (4 Transmission Projects in Gujarat and Maharashtra)

Borrower (s)
Industry
Power/Electricity transmission
Area of finance
Project & Infrastructure Finance
Region
Asia
Countries
India

Deal Overview

Standard Chartered Bank acted as the Mandated Lead Arranger and Bookrunner in the successful closing of the 5.75 year USD 700 million term loan for financing construction of Adani Transmission Limited’s (‘ATL’/ ‘ Sponsor’) existing pipeline of 4 under development power...

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Standard Chartered Bank acted as the Mandated Lead Arranger and Bookrunner in the successful closing of the 5.75 year USD 700 million term loan for financing construction of Adani Transmission Limited’s (‘ATL’/ ‘ Sponsor’) existing pipeline of 4 under development power transmission projects in India. This facility was structured in a highly bespoke manner as a first of its kind, cashflow backed, secured and ring-fenced multi-Borrower project finance term loan facility tranched across the four different Projects and formed a critical part of the Sponsor's strategy to fully fund its under construction transmission network portfolio under a single umbrella financing as well as incorporating features including margin ratchet, go to market covenant and a hard contractual mini-perm structure. The unique revolving structure of the USD 700 million Facility provides capex funding of USD 1.1 Bn on fully drawn basis. This is a marquee deal in the energy infrastructure sector as it is the largest project financing deal to date in the transmission sector in India and one of the largest in Asia. SCB executed the transaction alongside 7 other international banks as Joint Mandated Lead Arranger and Bookrunner and was the only bank to offer a significant underwriting position in the transaction which helped the Sponsor achieve financial closure within tight timelines. SCB leveraged its experience in structuring and arranging debt facilities for energy & infrastructure projects in India for various corporates to also play additional roles as the sole Documentation Bank, sole Account Bank and Hedge Bank. Additionally, SCB to also act as Joint Global Coordinator for the take-out bond issuance.

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Deal Volume
$1.11bn
Financial Close
30 November 2021
Sources
Submitted by participant(s), Press release, TXF article

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Projects

4 Transmission Projects in Gujarat and Maharashtra

Greenfield
Electricity transmission
Asia
India
$1.11bn