5 July, 2016
Allen & Overy said today the USD300 million Samvardhana Motherson Automotive Systems Group B.V. high yield notes issue, the first from India in more than a year, could signal a reopening of the Indian high yield market.
Samvardhana Motherson is the Dutch subsidiary of Motherson Sumi Systems Limited, one of the largest automotive parts suppliers globally.
Commenting, Allen & Overy partner Amit Singh said: “This was a significant transaction from India and hopefully signals the re-opening of the high yield market in India. We anticipate an increase in these types of deals coming to market.”
Allen & Overy advised ANZ, Barclays, DBS, Deutsche Bank, HSBC and Standard Chartered Bank as joint lead managers on the offering which involved guarantees and collateral from multiple subsidiary guarantors across 11 jurisdictions.
U.S. securities partner Amit Singh led the Allen & Overy team from Hong Kong with support from lawyers Michele Discepola, Julie Song, Wen-Chao Gao and Ming Wei Loo.
Allen & Overy previously advised on Motherson’s Euro-denominated high yield bond offering in 2015.
