Appleby Mauritius advised in a structured finance deal of USD300 million 5.85 % senior secured notes due 2030 (Notes) issued by Mauritius-based India Vehicle Finance (Issuer), an orphan special purpose vehicle owned by a purpose trust established under the laws of Mauritius, and listed on the Singapore Exchange Securities Trading Limited.
A portion of the proceeds from the Notes will be used to purchase Indian Rupee-denominated senior pass-through certificates (Senior PTCs) to be issued by Sansar Vehicle Finance Trust Dec 2022 (PTC Issuer), a trust established under the laws of India settled by Catalyst Trusteeship Limited pursuant to an Indian law governed trust deed. The PTC Issuer will then use the proceeds from the sale of the Senior PTCs to subscribe to local asset-backed securities issued by Shriram Finance Limited (Shriram), India’s leading financial institution, in a ‘first of its kind bond deal’ by an Indian issuer. Fitch Ratings has assigned a first-time ‘BBB-(EXP)sf’ rating to the Issuer’s US dollar denominated secured notes with a Stable Outlook. This is India’s first cross-border ABS transaction rated by Fitch.
Barclays Bank PLC, Deutsche Bank AG, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, BNP Paribas, DBS Bank Ltd. and Standard Chartered Bank were the initial purchasers to the issue. HSBC Bank U.S.A., National Association has acted as trustee for the Notes, paying agent, registrar and transfer agent.
The Appleby team acting for the Issuer comprises Group Managing Partner Malcolm Moller, Senior Associate Karishma Beegoo and Associate Vaishali Damonaiko.
