Quick Facts

  • Uniquely positioned to align with the Singapore Government’s growth initiatives in infrastructure and maritime

  • Innovative and sustainable financing solutions to address substantial infrastructure financing gap in Asia and support Singapore as a full-service Asian infrastructure financing hub to capture regional opportunities

  • Strong mandate and Singapore Government support with Temasek as an anchor shareholder

  • Financing solutions across the debt capital structure

  • Strong track record of building profitable businesses since inception in 2012

Milestones

2010

Singapore Government establishes the Economic Strategies Committee to formulate strategies to position Singapore for the next phase of economic growth

2012

Clifford Capital established, focusing on delivering project finance and asset-backed finance solutions for clients with a nexus to Singapore in the infrastructure and offshore marine sectors

2013

Clifford Capital commences operations and becomes profitable in 2014

2016

Pierfront Capital established, a private credit and mezzanine financing platform focused on the infrastructure and real assets sector

2018

Clifford Capital arranges Asia’s first ever infrastructure project finance loan securitisation transaction

2020

Pierfront Capital enters into a strategic 50/50 partnership with Keppel Capital

2020

Bayfront Infrastructure Management established, a permanent distribution platform for infrastructure and project finance loans

2020

Clifford Capital completes corporate restructuring entailing the creation of Clifford Capital Holdings as a holding company for our platforms

2020

The Asian Development Bank becomes a new shareholder in Clifford Capital Holdings with a US$95 million strategic investment

News

Our Clients

BUSS
BW
Energy Drilling
Genesee & Wyoming
Golar LNG
GPS Group
Greenko
Helix Energy Solutions
Keppel Capital
Keppel Infrastructure Trust
Keppel Offshore Marine
MODEC
PSA
SBM Offshore
Sembcorp Marine
SembCorp Utilities
Summit Power International
Teekay Offshore

Awards

Deal of the Year 2015 BW Pavilion Vanda and Leera

BW Gas And Pavilion Energy Successfully Closes A US$360 Million Non-Recourse Financing For Two Newbuild LNG Carriers

04 September 2015

Clifford Capital acted as Mandated Lead Arranger and provided a US$60 million fixed rate senior secured term loan as part of a US$360m financing package to BW Pavilion LNG to fund the acquisition of two Singapore-flagged new-build LNG carriers, BW Pavilion Vanda and BW Pavilion Leeara. BW Pavilion LNG is a joint venture between BW Gas and Pavilion Energy formed with a view to provide LNG shipping capabilities to support the supply of LNG to regional gas demand centres in Asia.

BW Group is a leading Singapore-based global maritime group with a fleet of over 140 vessels ranging from oil tankers, LNG and LPG carriers, chemical tankers and floating production storage and offloading (FPSO) units. Pavilion Energy is a Temasek Portfolio Company with a vision to be a global LNG player in Asia. Its wholly-owned subsidiary, Pavilion Gas manages gas operations in Singapore and is also involved in the distribution and trading of LNG in the region.

“We are pleased to have supported two key clients in this transaction both of which have substantial presence in Singapore. Through our financing we hope to contribute to Pavilion Energy’s vision of establishing Singapore as an LNG trading hub,” said Clive Kerner, CEO of Clifford Capital.

This transaction has been awarded the “2015 Project Financing Deal of the Year – East” by Marine Money, a leading ship finance trade publication, for a number of notable features, including a sizable 44% balloon at maturity and a structured cash flow waterfall that accommodated a 6-9 month gap between two separate charters.

Conventional Power Project Financing Deal of The Year 2017 Sembcorp’s Myingyan IPP

Sembcorp’s Myingyan Project Is Awarded Conventional Power Project Financing Deal Of The Year 2017 By TXF

31 December 2017

Clifford Capital is pleased to announce that Sembcorp’s 225MW Myingyan Independent Power Project (IPP) has been named by TXF as the winner of the Conventional Power Project Financing Deal of the Year 2017.

TXF noted the following in its awards citation:

“A deal that set the template for IPP financings in an unrated country, the Myingyan IPP financing – Myanmar’s debut in the internationally banked long-term project finance market and its first non-recourse financing in the power sector – managed to draw multilateral, commercial lenders and political risk insurance providers into a package which works economically for all.”

Clifford Capital played a key role in the financing of this Project as the Lenders’ Documentation Bank – working with Sembcorp from an early stage to coordinate the development of the financing structure and financing term sheet, advise on bankability issues of the Project and lead lender-side inputs into the Project Agreements which now forms the basis for future IPPs in a key emerging market.

Asia-Pacific Power Deal of the Year 2017 Sembcorp’s Myingyan IPP

IPP Standard For Myanmar – Project Finance International (PFI) Yearbook 2018

15 January 2018

Myanmar has emerged as one of the more promising opportunities in ASEAN for the development and financing of power projects and the Myingyan Independent Power Project (IPP) is currently the most significant project in the market.

The Myingyan IPP is the first in Myanmar that has been tendered in a competitive market internationally and sets the template for other IPPs to follow in the country, a new frontier market. Crafting a bankable structure in a territory that did not have a comprehensive power framework is one of the toughest challenges investors can face and the sponsors and their advisers and lenders did just that. The project is a strong credential for Singapore Inc – backed by a Singapore-based sponsor, undertaken by a consortium of Singaporean construction contractors, financed in significant part by Singapore-based commercial lenders and supported by several key Singapore-based advisers

Marat Zapparov, Senior Director and Ted Low, Associate Director from Clifford Capital together with Sembcorp Utilities Pte Ltd and Mayer Brown JSM provide their insights in this article that was published in the Project Finance International Yearbook 2018.

Power Deal of the Year 2017 Sembcorp’s Sirajganj-4 IPP

Sembcorp’s Sirajganj-4 Project is awarded Asia Pacific Power Deal of the Year 2017 by IJGlobal

21 March 2018

Clifford Capital is pleased to announce that Sembcorp’s 414MW (net) Sirajganj-4 Independent Power Project (IPP) has been named by IJGlobal as the winner of the Asia-Pacific Power Deal of the Year 2017.

The Sirajganj-4 IPP is a significant milestone in the development of the energy sector in the People's Republic of Bangladesh. Designed as one of the most efficient power plants in the country, the plant will allow Bangladesh to efficiently utilize its diminishing domestic gas resources to underpin the country’s rapid industrial and economic development. The Project is also testament to the continuously improving climate for foreign investment in the country, being the first project undertaken by an international investor under the country’s robust public-private partnership model. The Project is also the culmination of strengthening relationships between Singapore and Bangladesh across the public and private sectors, being the largest foreign direct investment by a Singaporean company into the energy sector in Bangladesh.

Clifford Capital played a key role in the financing of this project as an Initial Mandated Lead Arranger and as the Lenders’ Modelling Bank. We were responsible for financial analysis underpinning lenders’ credit submissions, model audit and other related processes. In addition, Clifford Capital worked closely with the other co-lenders, IFC and CDC, to drive all key due-diligence workstreams of the project.

Global Capital Asia Capital Market Awards 2018 BEST PROJECT FINANCE DEAL
BEST STRUCTURED FINANCE DEAL
BEST BOND DEAL
Bayfront Infrastructure Capital

Bayfront Infrastructure Capital’s US$458m Securitisation Is Awarded 2018 Best Project Finance Deal, Best Structured Finance Deal And Best Bond By GlobalCapital Asia

12 December 2018

Clifford Capital is pleased to announce that the US$458m project finance securitisation by Bayfront Infrastructure Capital Pte. Ltd. has been named by GlobalCapital Asia as the winner of the Best Project Finance Deal, Best Structured Finance Deal and Best Bond in the capital market awards for 2018.

GlobalCapital Asia noted the following in its awards citation:

“Finding novel ways to finance projects in Asia is vital… deals that further infrastructure and project finance in the region are noteworthy, and this year, Bayfront Infrastructure’s CLO stands out for using a creative structure to funnel cash into the sector.”

“… opening a new asset for project financing in Asia, and doing it with a highly sophisticated and complex deal, Bayfront’s CLO deserves recognition.”

Bayfront Infrastructure Capital Pte. Ltd. issued four classes of Notes in the first infrastructure project finance securitisation in Asia. Leveraging on Clifford Capital’s experience and expertise in project finance and loan portfolio management, Clifford Capital acted as Sponsor, Manager and Subordinated Note Investor in the transaction. Citi and Standard Chartered acted as Joint Global Coordinator for the transaction.

International Financing Review Asia Awards 2018 BEST STRUCTURED FINANCE ISSUEBayfront Infrastructure Capital

Bayfront Infrastructure Capital’s US$458m Securitisation Awarded 2018 Structured Finance Issue Of The Year By IFR Asia

17 December 2018

Clifford Capital is pleased to announce that the US$458m project finance securitisation by Bayfront Infrastructure Capital Pte. Ltd. has been named by IFR Asia as the recipient of the Structured Finance Issue Award for 2018.

IFR Asia noted the following in its awards citation:

“Clifford Capital’s first securitisation of project finance loans revived Asian interest in collateralised loan obligations, created a new asset class for the region and enhanced Singapore’s claim as a centre for infrastructure financing.”

“… settled on a structure that would overcome many of the hurdles in attracting fund managers to individual projects.”

“The portfolio approach, with dozens of project finance loans as the underlying collateral pool, appealed to buyside investors looking to diversify, and freed up bank balance sheets for the next round of projects, creating a template for future deals that can help close Asia’s infrastructure funding gap.”

Bayfront Infrastructure Capital Pte. Ltd. issued four classes of Notes in the first infrastructure project finance securitisation in Asia. Leveraging on Clifford Capital’s experience and expertise in project finance and loan portfolio management, Clifford Capital acted as Sponsor, Manager and Subordinated Note Investor in the transaction. Citi and Standard Chartered acted as Joint Global Coordinator for the transaction.

Asia Pacific Bond of the Year 2018 Bayfront Infrastructure Capital

Bayfront Infrastructure Capital’s US$458m Securitisation Awarded 2018 Asia-Pacific Bond Deal Of The Year By Project Finance International (PFI)

18 December 2018

Clifford Capital is pleased to announce that the US$458m project finance securitisation by Bayfront Infrastructure Capital Pte. Ltd. has been named by leading project finance publication PFI as the winner of the Asia-Pacific Bond Deal of the Year for 2018.

PFI noted the following in its awards citation:

“… Bayfront Infrastructure Capital (BIC) was established as part of the creation of an infrastructure take-out facility (TOF), designed and structured by Clifford Capital with the twin objectives of mobilising institutional capital for infrastructure debt in Asia while providing commercial banks with an avenue to recycle their balance sheet and make room to finance new greenfield infrastructure projects.”

“The TOF has been designed to provide investors with credit-enhanced exposure to a diversified portfolio of project and infrastructure loans across multiple geographies and sectors. It acts as a bridge between commercial banks and institutional investors, providing the latter with unique access to an asset class that is not readily accessible otherwise.”

“As a new asset class and the first project finance CLO issued out of Asia-Pacific, a comprehensive and strategic investor education process was undertaken. Multiple non-deal roadshows and teleconferences were conducted across Asia-Pacific (Singapore, Hong Kong, Japan, South Korea, Philippines, Australia and New Zealand), Europe and the Middle East. This resulted in significant oversubscription across all note classes from 25 different investors.”

“… testament to the demand for such an asset class in the market and Clifford Capital looks forward to partnering with financial institutions to make the project finance asset class a mainstay in the institutional investment marketplace and thereby unlocking additional liquidity into financing infrastructure projects in the region.”

Bayfront Infrastructure Capital Pte. Ltd. issued four classes of Notes in the first infrastructure project finance securitisation in Asia. Leveraging on Clifford Capital’s experience and expertise in project finance and loan portfolio management, Clifford Capital acted as Sponsor, Manager and Subordinated Note Investor in the transaction. Citi and Standard Chartered acted as Joint Global Coordinator for the transaction.

PF & Infrastructure Journal Global Awards 2018 ASIA PACIFIC REFINANCING DEAL OF THE YEARBayfront Infrastructure Capital

PF & Infrastructure Journal Global Awards 2018

31 December 2018

ASIA PACIFIC REFINANCING DEAL OF THE YEAR

Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

The Asset Asian Awards 2018 BEST CROSS BORDER SECURITISATIONBayfront Infrastructure Capital

The Asset Asian Awards 2018

31 December 2018

BEST CROSS BORDER SECURITISATION

Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

Africa LNG Deal of the Year 2019 Gimi FLNG

Clifford Capital Leads USD700M Facility To Support Golar LNG And Keppel Capital In Landmark Conversion Of An FLNG Vessel

31 October 2019

Clifford Capital Pte. Ltd. (“Clifford Capital”), a specialist provider of debt financing solutions globally to companies and projects with a nexus to Singapore in the infrastructure and maritime sectors, announces the successful closing of the USD700m senior secured term loan (the “Facility”) to Gimi MS Corporation (the “Borrower”), a transaction in which Clifford Capital acted as Lead Coordinator and Bookrunning Mandated Lead Arranger (“BMLA”). The Borrower is jointly owned by Golar LNG and Keppel Capital on a 70:30 basis and the Facility was established to finance the development, construction and operation of a Floating Liquefied Natural Gas (“FLNG”) vessel (the “FLNG Gimi”) under a 20-year charter with BP.

For more details, please refer to the press release.

Int’l Financial Law Review Asia-Pacific Awards 2019 STRUCTURED FINANCE & SECURITISATION DEAL OF THE YEARBayfront Infrastructure Capital

Int’l Financial Law Review Asia-Pacific Awards 2019

31 December 2019

STRUCTURED FINANCE & SECURITISATION DEAL OF THE YEAR

Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

The Asset Asia Infrastructure Awards 2019 MOST INNOVATIVE DEAL OF THE YEAR (REGIONAL)
MOST INNOVATIVE DEAL (SINGAPORE)
Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

MOST INNOVATIVE DEAL OF THE YEAR (REGIONAL) MOST INNOVATIVE DEAL (SINGAPORE)

31 December 2019

MOST INNOVATIVE DEAL OF THE YEAR (REGIONAL)
MOST INNOVATIVE DEAL (SINGAPORE)

Bayfront Infrastructure Capital Pte. Ltd.’s US$458,000,000 Project Finance Loan Securitisation

Offshore Project Finance Deal of the Year 2019 Gimi FLNG

Clifford Capital-led FLNG Gimi Financing Wins at 2019 PFI and Marine Money Awards

09 April 2020

Singapore, 9 April 2020 – Clifford Capital Pte. Ltd. (“Clifford Capital”), a specialist provider of debt financing solutions globally to companies and projects with a nexus to Singapore in the infrastructure and maritime sectors, today announces that the USD700m senior secured term loan financing for the Gimi Floating Liquefied Natural Gas (“FLNG”) project (“FLNG Gimi” or the “Project”), has been awarded the “Offshore Project Finance Deal of the Year” at the 2019 Marine Money “Deal of the Year” Awards.

This win closely follows Clifford Capital’s recent win at the 2019 Project Finance International (“PFI”) Awards, where the Project has been awarded the “African LNG Deal of the Year”.

Clifford Capital, as Lead Coordinator and one of four Bookrunning Mandated Lead Arrangers (“BMLAs”), arranged a USD700m senior secured term loan (the “Facility”) to Gimi MS Corporation (the “Borrower”). The Borrower is jointly owned by Golar LNG and Keppel Capital on a 70:30 basis and the Facility was established to finance the development, construction and operation of the FLNG Gimi.

The Project will see the conversion of a Moss LNG carrier at Keppel Shipyard in Singapore into a FLNG unit. When completed, the FLNG Gimi will be stationed at a nearshore hub located on the Mauritania and Senegal maritime border under a 20-year charter contract with BP in the Greater Tortue Ahmeyim field offshore West Africa.

The Facility, which features a tenor of 10 years covering the pre- and post-delivery phases on the back of a 12-year amortisation profile, is the first limited recourse project financing for a FLNG vessel in the international commercial bank market. Clifford Capital assembled the four-bank group which includes ABN Amro, ING and Natixis to jointly structure, arrange and provide the underwriting commitment, followed by a syndication effort to bring in additional commercial banks for the financing.

The BMLAs successfully syndicated the Facility to eight participating banks in September 2019, with the final bank group comprising 12 lenders, and achieved financial close in October 2019. Notably, the financing attracted strong interest from Asia-based banks, with a total of five Asian lenders, including three Singapore-based lenders, reflecting the robust demand for commercial financing of projects being developed by world-class yards and Sponsors with an established track record.

“The award is a testament to our growing capabilities as a specialist provider of financing solutions globally. We are honoured to have played a significant role in developing this novel limited recourse project financing solution and in elevating a groundbreaking FLNG concept amongst the international banking community. Leveraging on our ability to structure bespoke innovative solutions, we will continue to address the market gaps in cross-border project and structured financing and fulfill our mandate of supporting Singapore companies in their key exports and catalyzing their growth in overseas markets” said Clive Kerner, CEO of Clifford Capital.

The FLNG Gimi follows from the successful conversion of the world’s first FLNG conversion of Hilli Episeyo, which Keppel Shipyard delivered in record time and on budget to Golar LNG in 2017.

Mr Chris Ong, CEO of Keppel Offshore & Marine said, “As a leading provider of solutions to the offshore, marine and energy industries, Keppel O&M welcomes the increased project financing support in Singapore, spearheaded by Clifford Capital. This encourages customers to take up innovative solutions like our FLNG franchise. Keppel O&M’s pioneering solutions, engineering know-how and execution track record, complemented by the syndication expertise of commercial lenders such as Clifford Capital, will keep us at the forefront of developing winning solutions for the market.”

Keppel’s participation as equity investor in addition to its role as EPC contractor is a strong reflection of its confidence in the prospects of the FLNG sector and its buy-in to the viability of the conversion concept. The long-term charter with BP provides further validation of this concept. The successful conclusion of this commercial project financing for the FLNG segment will pave the way for future financings of similar projects.

“We are pleased to partner with Clifford Capital on the development of an innovative and fit-for-purpose finance solution for the FLNG Gimi. Keppel’s investment in the FLNG Gimi harnesses the diverse capabilities of the Group. Currently undergoing conversion at Keppel Offshore & Marine, the FLNG Gimi is intended to be the first investment for the Keppel Asia Infrastructure Fund, which recently achieved its first closing,” said Ms Christina Tan, CEO of Keppel Capital.

Africa Oil & Gas Deal of the Year 2019 Gimi FLNG

Africa Oil & Gas Deal of the Year 2019

13 July 2020

Clifford Capital is pleased to announce that the Gimi Floating Liquefied Natural Gas (“FLNG”) project has been named by IJGlobal as the winner of the Africa Oil and Gas Deal of the Year 2019.

The Gimi FLNG project, a 70/30 joint venture between Golar LNG and Keppel Capital, involves the conversion of an LNG carrier at Keppel Shipyard into a floating LNG unit with a capacity of 2.45 mtpa. Upon delivery, Gimi FLNG will be deployed on the Greater Tortue Ahmeyim (“GTA”) field offshore Mauritania and Senegal to receive, process and liquefy natural gas under a long term lease and operate contract with BP. The GTA field, with total gas resources estimated at 15 tcf, is jointly owned by BP, Kosmos Energy and the national oil companies of both countries. The US$700m debt financing for this project is the first limited recourse project financing for a FLNG vessel in the commercial bank market. The successful conclusion of this commercial project financing for the FLNG segment will pave the way for future financings of similar projects.

Clifford Capital played a key role in the financing of this project as the Lead Coordinator and assembled the four-bank group which includes ABN Amro, ING and Natixis as Bookrunning MLAs to jointly structure, arrange and provide the underwriting commitment.

IJGlobal award announcement: https://ijglobal.com/articles/147839/ijglobal-awards-2019-europe-and-africa