Deal Street

February 21, 2020

L&L Partners advise the Adanis in connection with the issuance of Senior Secured Notes aggregating to USD 1 Billion


[ by Legal Era News Network ]

L-&-L-Partners

L&L Partners advised Adani Electricity Mumbai Limited (Issuer) and Power Distribution Services Limited (PDSL, and together with the Issuer, the Obligors) in connection with the issuance of US$1.0 billion senior secured notes due 2030 by the Issuer (Notes).

The firm acted as Indian legal counsel to the Obligors, and was involved in conducting due diligence, drafting the disclosure in the offering circular, negotiating and finalizing the terms of the Notes offering, review and negotiating certain key English law governed transaction documents and drafting and negotiating certain Indian law governed transaction documents. The firm also advised the Obligors on various aspects of Indian law in connection with the issue of Notes. Their role also involved preparing bespoke hedging agreements for the transaction, owing to multiple external commercial borrowings being hedged under the same hedging arrangement, with limited rights being offered to hedge counterparties.

The transaction is the first offering by a private Indian utility offering a unique combination of regulatory assets, fixed costs, regulated tariffs and assured cash flows with minimal counterparty risk. The Notes received investment grade ratings from Fitch, S&P and Moody’s and were offered to investors within and outside the United States pursuant to Rule 144A and Regulation S under the US Securities Act of 1933, as amended.

The transaction team was led by Rohit Raghavan and Jitesh Shahani (Partners), who were assisted by Satadru Goswami and Murtaza Zoomkawala (Managing Associates), Kavya Gupta, Rushab Dhandokia and Arya Devi (Associates) and Ritika Khare (Paralegal).

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