PRESS RELEASE
29 April 2021

Appleby Bermuda And BVI Advised Investment Energy Resources Limited

A
Appleby

Contributor

Appleby is one of the world’s leading offshore law firms, operating in 10 highly regarded and well-regulated locations. We provide comprehensive, expert advice and services across a number of key practice areas. We work with our clients to achieve practical solutions whether from a single location or across multiple jurisdictions.
Appleby Bermuda and BVI advised in connection with Investment Energy Resources Limited (IERL) inaugural issuance of US$700 million of green bonds at an interest rate of 6.250%...
Bermuda

Appleby Bermuda and BVI advised in connection with Investment Energy Resources Limited (IERL) inaugural issuance of US$700 million of green bonds at an interest rate of 6.250% and expiring in 2029 (Notes), and a syndicated loan of US$300 million to refinance all of its project finance indebtedness (Bank Loan Facility and together with the Notes, Transactions).

The Transactions involved the issuance of the Notes by IERL and guaranteed, on a senior secured basis, by certain of its subsidiaries (Guarantors). The obligations of the Issuer and the Guarantors under the Notes were primarily secured through a pledge of the shares of the Issuer and the shares of the Guarantors pursuant to share pledge agreements governed by local laws.

In addition, simultaneously with the issuance of the Notes, IERL entered into a Bank Loan Facility for an estimated aggregate principal amount of US$300 million, to rank pari-passu with the Notes.

The transaction represented the largest green bond of a renewable energy company in Central America and the Caribbean.   Investor offerings were global (United States, Europe, Asia, and Latin America) and were nearly five (5) times the size of the issuance.

A significant portion of the expected proceeds from Notes will be used to refinance eligible green projects while the balance will be used to refinance project debt from other renewable energy assets.  The 4 eligible categories, covered under green bonds are: Renewable energy, Energy efficiency, Green buildings and Clean Transport:

Partner Tammy Richardson-Augustus led this transaction with assistance from BVI Partner Shana Simmonds (on matters of BVI law) and Senior Associate Andrew Kuzma (on matters of Bermuda law).

PRESS RELEASE
29 April 2021

Appleby Bermuda And BVI Advised Investment Energy Resources Limited

Bermuda

Contributor

Appleby is one of the world’s leading offshore law firms, operating in 10 highly regarded and well-regulated locations. We provide comprehensive, expert advice and services across a number of key practice areas. We work with our clients to achieve practical solutions whether from a single location or across multiple jurisdictions.

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