September 2024, Banking and Finance

TT&A advised investors and lenders on financings availed by Data Infrastructure Trust, an infrastructure investment trust sponsored and managed by the Brookfield group.

TT&A advised investors and lenders on financings aggregating to INR 13,500 crores (approx. USD 1.6 billion) availed by Data Infrastructure Trust, an infrastructure investment trust sponsored and managed by the Brookfield group.

The deal comprises of three different borrowings which are explained below:

(a) an INR 7,900 crores privately placed listed NCD issuance exclusively subscribed to by foreign portfolio investors for the purpose of financing the acquisition of ATC Telecom Infrastructure Private Limited (“ATC”), with (i) BNP Paribas S.A, (ii) Deutsche Bank A.G., (iii) DBS Bank Limited; (iv) JP Morgan Chase; (v) MUFG Ltd; and (vi) Sumitomo Mitsui Banking Corporation and/or their affiliates or entities managed and administered by them as anchor investors;

(b) an INR 1,850 crores privately placed listed NCD issuance for refinancing existing debt of ATC, with (i) Star Health and Allied Insurance Company Limited, (ii) a pension fund scheme of SBI Pension Funds Private Limited, (iii) Aditya Birla Sun Life Insurance Company Limited, (iv) SBI Life Insurance Company Limited, (v) Nomura Fixed Income Securities Limited, (vi) HDFC Pension Management Company Limited, and (vii) HDFC Life Insurance Company Limited as anchor investors; and

(c) term loans of INR 3,750 crores, also for the purpose of refinancing existing debt of ATC from (i) ICICI Bank Limited, (ii) Kotak Mahindra Bank Limited, (iii) IndusInd Bank Limited; and (iv) Axis Bank Limited as the original lenders, all sharing a common security package.

This deal is significant both for its size as well as structure in the Indian acquisition finance space, with the entire acquisition finance (as well as the refinance debt) being raised in INR, which is rare in the Indian market.

TT&A Team: Rituparno Bhattacharya, Nikhil Bahl & Tanay Agarwal – Partners; Nakul Sonejee – Managing Associate; Saurav Roy & Prakrati Shah – Senior Associates and Shubham Kumar, Pallav Rathi, Shubham Gupta & Daksh Midha – Associates

Rituparno Bhattacharya

Partner, Mumbai

Nikhil Bahl

Partner, Delhi

Tanay Agarwal

Partner, Mumbai

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