ITNL Offshore Pte Ltd’s RMB1 billion dim sum bond offering


Herbert Smith Freehills has advised the managers and trustee on ITNL Offshore Pte Ltd’s RMB1 billion dim sum bond, one of the largest dim sum issues by an Indian corporate.

The 7.5 per cent Regulation S only senior unsecured bonds due 2021 were listed on the Singapore Stock Exchange and guaranteed by ITNL Offshore’s parent company, IL&FS Transportation Networks Limited, one of India’s leading surface transportation infrastructure companies.

The issue was originally priced at RMB900 million, but overwhelming market demand led to an additional RMB100 million tap issue, which was consolidated into a single series with the original bonds.

The firm acted as sole international counsel to the joint lead managers, CLSA, MUFG and SCB, with a separate team advising the trustee, HSBC.

Herbert Smith Freehills advised the lead managers on the deal with a team led by partner Philip Lee (picture), assisted by senior associate Nupur Kant, associate Shannon Yan and trainee William Gibson. In Hong Kong, partner William Ku and associate Marcus Wong advised the trustee.

Involved fees earner: Philip Lee – Herbert Smith Freehills; Nupur Kant – Herbert Smith Freehills; Shannon Yan – Herbert Smith Freehills; William Gibson – Herbert Smith Freehills; William Ku – Herbert Smith Freehills; Marcus Wong – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: HSBC; Standard Chartered Bank; CLSA; MUFG Union Bank, N.A.;

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Author: Michael Patrini