JSA advised as Indian law counsel to The Hongkong and Shanghai Banking Corporation Limited (HSBC), GIFT City Branch (as the lender) and SACE S.p.A. (“SACE”) in connection with a loan facility (by way of external commercial borrowings) of EUR 200 million (“Facility”) extended to Power Finance Corporation Limited (“Borrower”) backed by a guarantee from SACE.
The Borrower is a company under the ownership of the Government of India, that is engaged in providing financial assistance and promoting power projects across India. The Facility will inter alia be utilised by the Borrower for on-lending to entities that own/develop power projects (“Project Owners“).
The Facility is backed by a guarantee by the Italian Export Credit Agency, SACE. SACE has also entered into a push letter with the Company wherein, the Company has agreed to encourage the Project Owners to act as potential strategic partners of Italian companies in the context of their future procurement plans.
Our Transaction Team Comprised Lead Partner – Tirthankar Datta and Senior Associate – Sagar Srivastava.
Mr. Sagar Srivastava is a member of the Banking & Finance practice at JSA. His primary areas of focus are domestic and cross-border financing transactions including syndicated lending (secured & unsecured), privately placed non-convertible debentures, debt restructuring and insolvency.