Linklaters has advised the placement agent on the bespoke Reg S issuance of US$650m 14.5% senior secured repack high-yield notes due 2029 by a Mauritius-incorporated special purpose vehicle, Mercury Finance Company, the proceeds of which were used by Mercury to subscribe to rupee-denominated senior secured bonds issued by Eqyizen Investment Private Limited, a promoter group entity of the Shapoorji Pallonji Group. The issuance was one of India’s largest private credit transactions and formed part of Shapoorji’s broader dual-currency refinancing package.
The notes were admitted to trading on the multilateral trading facility operated by the Vienna Stock Exchange.
The Linklaters multidisciplinary team was led by partner and Head of India Practice Amit Singh, capital markets partner Michele Discepolaand financial regulation and structured finance & derivatives partner Evan Lam, with support from counsel Grace Yumul-Villanueva.
Amit Singh, Head of India Practice at Linklaters, commented:
“We are pleased to have advised on this landmark transaction, which demonstrates the growing depth and sophistication of India-related private credit and structured capital markets activity. By bringing together offshore US dollar notes, onshore rupee-denominated debt and a comprehensive hedging structure, the transaction created a bespoke solution for international institutional investors to participate in an Indian financing, underlining Linklaters’ proven track record of supporting complex cross-border financings for India-related transactions.”
With more than 50 years of experience in Asia, the Linklaters team provides clients with practical expertise and commercial insights to capitalise on opportunities. This transaction builds on the firm’s continued work on complex and innovative cross-border financings, including advising on the first cross-border securitisation deal out of India, AM Green’s financing and advising ReNew Energy on its landmark US$600m senior secured green bond issuance, the first issuance by a corporate using a GIFT City entity.
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