TT&A advised Deutsche Bank A.G. and Standard Chartered Bank as structuring banks in relation to USD 1.7 billion financing by way of listed high yield debentures for Goswami Infratech Private Limited, a promoter group entity of the Shapoorji Pallonji group for refinancing of existing debt of the issuer and other SP group entities, and to fund group entities for their capital requirements. The debentures were secured by, among others, the SP groups’ shareholding in the ports vertical, compulsorily convertible preference shares held by the issuer in Afcons Infrastructure Limited, and 50% of SP group’s shareholding in Tata Sons Private Limited.

This was the largest private placement of debentures by a non-investment grade issuer and attracted significant interest from onshore and offshore private credit investors.

TT&A Team: Sonali Mahapatra, Rahul Gulati & Nidhi Rani – Partners;  Tanay Agarwal & Uzma Naseem – Managing Associates; Kartik Jigyasi & Prakrati Shah – Senior Associates and Nikita Agarwal, Sahil Kataria, Riya Shah, Adesh Sharma & Rohit Singh – Associates