Linklaters advises on tap issuance of Mercury Finance Company’s senior secured repack high-yield notes

Linklaters has advised the placement agent on the bespoke Regulation S tap issuance of US$125m 14.5% senior secured repack high-yield notes due 2029 by Mercury Finance Company, a Mauritius-incorporated special purpose vehicle.

The additional notes are consolidated and form a single series with Mercury Finance Company’s existing US$650m 14.5% senior secured notes due 2029, on which Linklaters also advised, bringing the total size of the series to US$775m. The tap builds on the original issuance, one of India’s largest private credit transactions, and part of the Shapoorji Pallonji Group’s broader dual-currency refinancing package.

The additional notes have been 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 Discepola and structured finance & derivatives partner Evan Lam, with support from counsel Grace Yumul-Villanueva.

Amit Singh, Head of India Practice at Linklaters, commented:

“This tap issuance reflects the growing role of private credit in supporting large and complex refinancing requirements in India. Building on the original transaction, it also demonstrates how bespoke capital markets structures can connect Indian financing needs with international institutional capital.”

With more than 50 years of on-the-ground experience in Asia, Linklaters provides clients with practical expertise and commercial insights on complex and innovative capital markets and cross-border financing transactions.