24 May, 2017
Allen & Overy has advised the joint lead managers on the Reg S USD500 million high-yield bond offering by JSW Steel Limited. JSW Steel Limited is an Indian manufacturer of a diverse range of steel products with an export presence in more than 100 countries. The joint lead managers consisted of Credit Suisse Securities (Europe) Limited, Citigroup Global Markets Limited, BNP Paribas, Deutsche Bank AG, Singapore Branch and J.P. Morgan Securities plc.
This transaction is the most recent in a string of high-yield transactions out of India for Allen & Overy’s Hong Kong-based capital markets team. These included advising on the Rule 144A/Reg S debut high-yield offering of USD475 million senior secured notes by Neerg Energy Ltd., the Rule 144A/Reg S high-yield offering of USD1 billion bonds by Vedanta Resources, the Reg S high-yield offering of USD300 million senior secured notes by Samvardhana Motherson Automotive Systems Group B.V., the Reg S high-yield offering of USD200 million senior notes by Glenmark Pharmaceuticals Limited and the Reg S high-yield offering of USD375 million senior notes by HPCL-Mittal Energy Limited.
Commenting on the JSW transaction, Allen & Overy U.S. securities partner Amit Singh said: “It was a pleasure to work with the joint lead managers and the JSW Steel team on this transaction, and bring to bear our extensive high-yield experience and India expertise. We continue to see substantial interest from high-yield issuers out of India and across Asia.”
The Allen & Overy team was led by Amit Singh from Hong Kong with support from counsel David Cameron and associate Julie Song.
