Cyril Amarchand Mangaldas (CAM) advised Financial Institutions namely Standard Chartered Bank, Deutsche Bank AG, Singapore Branch, Barclays Bank PLC, Citigroup Global Markets Limited, Emirates NBD Bank PJSC and Axis Bank Limited, Singapore Branch (Managers) in relation to the establishment of U.S.$1,000,000,000 (United States Dollar One Billion Only) Euro Medium Term Note Programme (Programme) by Piramal Capital & Housing Finance Limited, a debt listed entity (Issuer) in the form of Senior Sustainability Notes. The first issuance was made to raise an amount of U.S.$ 300,000,000 under the Programme (Notes) which are listed on the India International Exchange (IFSC) Limited (“India INX”) with further issuances to follow under the Tap Route. This Programme marksthe maiden overseas bond issuance of Piramal Capital & Housing Finance Limited.
CAM provided essentialguidanceon structuring thedeal to align the security packagesfor newnoteholders and existing creditors. Our firm ensured compliance with stock exchange notification requirements and facilitated the documentation process to support Piramal Group’s on going corporate restructuring and merger approvals.
The Project & Project Finance and Capital Markets team of Cyril Amarchand Mangaldas advised on the matter.
The transactionwasled by Subhojit Sadhu, Partner;with supportfrom Apoorv Jain, Principal Associate; Chahat Gupta, Associate; Yashpal Desai, Associate; and Sanyam Agarwaal, Associate.
Aashima Johur, Partner; with support from Amitpal Singh, Principal Associate; Nitesh Mishra, Associate; Anjini Ganguly, Associate; advised on capital markets related aspects of the transaction.
Other parties and advisors to the transaction included Piramal Capital & Housing Finance Limited, issuer; Deutsche Bank AG, Singapore Branch, acted as deal manager; DB Trustees (Hong Kong) Limited, acted as trustee for note holders; Barclays Bank PLC, acted as deal manager for note holders; Citigroup Global Markets Limited, acted as deal manager for note holders; Axis Bank Limited, Singapore Branch, acted as deal manager for note holders; Emirates NBD Bank PJSC, acted as deal manager for note holders; Piramal Enterprises Limited, parent entity.
The transaction was signed on 28th June, 2024 and closing was done on 29th July, 2024. _____________________________________________
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas(cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds,start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
