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ARTICLE · 02 APRIL 2021

Cliffton Limited Raises US$450 Million Through Senior Secured Notes

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The Issuer is an orphan special purpose vehicle owned by a purpose trust established under the laws of Mauritius.

MauritiusFinance and Banking
Malcolm Moller
Malcolm Moller
Karishma Beegoo
Karishma Beegoo
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Appleby Mauritius advised in a structured finance deal of US$450 million 6.25 % senior secured notes due 2025 (Notes) issued by Mauritius-based Cliffton Limited (Issuer) and listed on the Singapore Exchange Securities Trading Limited.

The proceeds from the Notes will be used principally to subscribe to green Indian Rupee (INR) non-convertible debentures (denominated in rupees) (NCD) that would be issued by Delhi International Airport Limited (DIAL), the first airport in India to be awarded the Leadership Energy and Environment Design 'Gold' rating.  DIAL holds a solid market position as the developer and operator of India's largest and busiest airport which is Indira Gandhi International Airport (Airport) in New Delhi, India, according to the Airports Authority of India.   DIAL will be using the proceeds to principally refinance its existing bonds and the balance towards capex investment in eligible green assets as well as to finance the phase 3A expansion at the

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