TT&A advised Deutsche Bank A.G:

• as the coordinating bank in up to INR 213,500,000,000 financing by way of unrated, unlisted, secured, zero coupon, redeemable non-convertible debentures for Eqyizen Investment Private Limited, a promoter group entity of the Shapoorji Pallonji group for refinancing of existing debt of other SP group entities, and to fund group entities for their capital requirements. The INR NCDs were secured by, among others, part of SP groups’ shareholding in Afcons Infrastructure Limited and 50% of SP group’s shareholding in Tata Sons Private Limited.

• as the placement agent in relation to the issuance of US$ 650,000,000 14.5% senior, secured, unrated notes due 2029 by Mercury Finance Company, a company incorporated in Mauritius and registered as a foreign portfolio investor (the “USD Notes Issuer”). The proceeds of the USD Notes were primarily utilized for subscribing to a part of the INR NCDs. The USD Notes are secured by, inter alia, charge over the overseas assets and property of the USD Notes Issuer.

This is one of the largest private credit deals in India till date and attracted significant interest from onshore and offshore private credit investors. The transaction is notable for its bespoke financing structure, which combines INR non-convertible debentures and USD bonds to meet Shapoorji Pallonji group’s funding objectives. 

TT&A Team: 

Banking & Finance: Sonali Mahapatra – Partner; Kartik Jigyasi – Managing Associate; Adesh Sharma, Anushree Verma, Kashish Agarwal and Tarun Doyal– Associates

Debt Capital Markets: Rahul Gulati &  Priyanka Kumar – Partners; Saara Ahmed – Managing Associate and Shrijaya Singh – Associate