Deal Street

August 29, 2016

Adani Transmission seeks advice from Luthra & Luthra over its International Bond Issuances


Luthra & Luthra Law Offices (L&L) advised Adani Transmission Limited, one of the largest private transmission services providers in India, with its near simultaneous bond issuances in the international market for an aggregate amount of about Rs 3800 crores by way of an issuance of USD denominated bonds of $500 million through a broad global offering and Rupee denominated Masala Bonds of Rs 500 crores.

​​Both sets of bonds have been listed on the Singapore Stock Exchange which are Senior Secured obligations of Adani Transmission Limited.

L&L was involved in structuring the transaction for the Company in order to be able to provide a viable security structure, cash-flow waterfall and inter-creditor arrangement amongst the lenders which was legally tenable and meeting the ring fencing requirements of international rating agencies. This was the first of its kind investment grade rated regulated asset transaction in energy space with a comprehensive covenants and security package from India. Advice on foreign exchange law and structure originally tailored for the transaction had to be re-worked owing to revamping of the ECB regulations during the course of the transaction.

The transaction team at L&L was led by Partners Bikash Jhawar & Rohit Raghavan, while Partner Manan Lahoty provided his valuable advice on capital markets aspects and Partner Lokesh Shah advised on the taxation aspects.

The foreign counsel for Adani Transmission Limited was Linklaters. The domestic and foreign counsels on the transaction were Cyril Amarchand Mangaldas and Latham & Watkins respectively, with Norton Rose Fullbright acting for the international note trustee, Standard Chartered Bank.

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