Sustainability-linked financing for Indian telecom tower operator

Clifford Capital, as one of the mandated lead arrangers and bookrunners, successfully closed a US$248 million financing for GIP EM Ascend 2 Pte Ltd., a Singapore-based company owned by Global Infrastructure Partners (GIP). Clifford Capital coordinated the amendment of the Borrower’s existing US$160 million facility, and arranged an additional US$100 million, comprising a US$95 million term loan and a US$5 million revolving credit facility.

The transaction is structured as a Sustainability Linked Loan (SLL), where the loan margin is reduced if specific Sustainability Performance Targets promoting sustainable business practices are achieved.

The transaction was well-received by the market, with the existing lender group approving the proposed amendments and most of the lenders upsizing their facility commitments. Leading this financing enhances Clifford Capital’s partnership with GIP as a leading global infrastructure investor.