Milbank LLP advised The Asian Development Bank (“ADB”) in connection with a $95 million investment in Clifford Capital Holdings (“CCH”), a specialist financing and distribution platform for infrastructure and other real assets globally. The investment in CCH, ADB’s first investment in a Singapore entity since the opening of its Singapore office in March this year, will help fund CCH’s future growth plans, which include the financing of sustainable infrastructure in developing Asia.
The transaction comprises a $50 million investment from ADB and a $45 million investment from the Leading Asia’s Private Sector Infrastructure Fund (“LEAP”) to be administered by ADB. ADB will have a pro forma shareholding of 10.8% once all equity capital committed has been fully deployed.
Launched in 2016 and dedicated to funding private sector infrastructure in Asia and the Pacific, ADB’s LEAP co-financing fund aims to fill financing gaps and increase access to finance for infrastructure projects in Asia. CCH is a Temasek-backed company headquartered in Singapore that provides debt financing solutions globally to companies and projects with a nexus to Singapore in the infrastructure, maritime and other real assets sectors.
The Singapore-based Milbank team was led by partner Jacqueline Chan, with associates Stephanie Kam and Hua Chan.
Ms. Chan said: “This transaction played to Milbank’s strengths as the combination of our team’s in-depth infrastructure, investment funds, corporate mergers and acquisitions and ECA experience proved critical to bringing the transaction to fruition. We are delighted to have advised ADB and CCH in this successful landmark transaction, which is a resounding statement of support for Singapore’s ambitions as an infrastructure financing hub.”
