Linklaters and Cyril Amarchand Mangaldas (CAM) have advised on Piramal Capital & Housing Finance’s issuance of USD300 million in senior sustainability notes due in 2028.
The issuance of the 7.8% notes with a tenor of 3.5 years is under the USD1 billion secured euro medium term note programme, which is listed on the India International Exchange (India INX). It is also Piramal Capital’s maiden overseas bond issuance.
Linklaters acted as sole international counsel to the dealers, with partner and head of India practice Amit Singh leading the capital markets team. He had support from counsel Xunming Lim, managing associate Cherrylene Lee and associates Alwyn Loy and Louis Chew.
CAM advised the financial institutions, including Standard Chartered Bank, Deutsche Bank, Barclays Bank, Citigroup Global Markets, Emirates NBD Bank PJSC, and Axis Bank.
“This transaction marks an important phase in the financing world, especially the international bond market post the two-year hiatus on account of global uncertainties,” CAM’s lead partner on the transaction team, Subhojit Sadhu, told India Business Law Journal.
“[It has been] wonderful to advise the various financial institutions in supporting Piramal Capital & Housing Finance Limited on this marque deal, which represents the establishment of the company’s maiden euro medium term note programme and paves the way towards the diversification of the company’s debt portfolio.”
Principal associate Apoorv Jain, associates Chahat Gupta, Yashpal Desai and Sanyam Agarwaal assisted Sadhu. CAM partner Aashima Johur led the capital markets team, with the support of principal associate Amitpal Singh, and associates Nitesh Mishra and Anjini Ganguly.
CAM worked on structuring the deal, aligning security packages for new note holders with those of existing creditors, ensured compliance with stock exchange notification requirements and facilitated the documentation process, in conjunction with Piramal Group’s ongoing corporate restructuring and merger approvals.
