DLA Piper has advised Muthoot Finance Limited (Muthoot), India’s largest gold loan Non-Banking Finance Company (NBFC), on the update of its USD2 billion global medium term note programme and a successful drawdown of USD650 million 7.125% senior notes.

The senior notes issue was facilitated by Deutsche Bank and Standard Chartered, who were appointed as the joint global coordinators and bookrunners, working alongside DBS Bank and SMBC Nikko.

The bonds were issued in the international capital markets under the Reserve Bank of India’s external commercial borrowings framework. The Rule 144A and Regulation S dollar senior secured notes offering attracted substantial investor interest, with bids totaling USD1.8 billion, resulting in an oversubscription of nearly 2.7 times.

Philip Lee, Head of Capital Markets, Asia Pacific and Regional Head of DLA Piper’s Financial Services sector in Asia, led the transaction and was supported by US senior associate Andhari Sidharta and associate Le Jing Ong. Philip, Andhari and Le Jing are all members of the corporate practice and are based in Singapore.

Commenting on the successful completion of the transaction, Philip stated, “This was an important transaction for Muthoot Finance, and its success, evidenced by the strong investor demand, highlights the growing sophistication of Indian NBFCs in accessing global debt capital markets. This transaction further demonstrates our strong US securities law capabilities and underscores the firm’s commitment to supporting clients in accessing the global capital markets and achieving their strategic objectives.”