DLA Piper Advised IIFL Finance On EMTN To GMTN Programme Conversion And USD 325 Million Note Issuance
DLA Piper advised IIFL Finance on converting its EMTN Programme to a GMTN Programme and issuing $325 million in Senior Notes due 2028.
DLA Piper Advised IIFL Finance On EMTN To GMTN Programme Conversion And USD 325 Million Note Issuance
DLA Piper advised IIFL Finance, a leading Indian financial corporation specializing in gold financing, on the conversion of its Euro Medium Term Note (EMTN) Programme into a Global Medium Term Note (GMTN) Programme. Following the conversion, IIFL Finance successfully issued USD 325 million in 8.75% Senior Notes due 2028.
The note issuance received an overwhelming response from global institutional investors across Asia, Europe, and the United States, with peak demand reaching USD 1.15 billion at final pricing. The final order book exceeded USD 730 million, with allocations of 20% in Asia, 25% in EMEA, and 54% in the US. Fund managers accounted for 95% of allocations, with insurance companies and private banks contributing 3% and 2%, respectively.
The transaction follows the Reserve Bank of India's decision to lift the ban on IIFL’s gold financing business in September 2024, further strengthening investor confidence. IIFL’s resilient business model, robust processes, and strong risk controls were key highlights during extensive investor engagements.
Philip Lee, Partner at DLA Piper, said: "This deal is significant as it not only highlights the strong investor demand but reaffirms market confidence in IIFL’s business model and growth prospects. It also reflects a broader trend of Indian and other strong Asian credits upgrading their MTN programmes to tap more liquid US markets. Our US capital markets team worked tirelessly to ensure the successful execution of this deal, demonstrating our strong English and US law capability in Singapore and our commitment to supporting clients achieve their financial goals.”
The DLA Piper team was led by Philip Lee (Partner, Singapore), with support from Andhari Sidharta (Senior Associate, Singapore). Philip also serves as regional head of the firm’s Financial Services sector in Asia and regional lead for the India practice in Asia.