TT&A advised Deutsche Bank A.G: 

• as the coordinating bank in up to INR 44,500,000,000 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 repayment 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 USD 125,000,000 14.5% senior, secured, unrated notes due 2029 (to be consolidated and form a single series with the existing USD 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 proceeds of the USD Notes were primarily utilized for subscribing to a part of the INR NCDs.

This is part of the second leg of one of the largest private credit deals in India and attracted significant interest from onshore and offshore private credit investors

 TT&A Team:

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

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