Latham & Watkins represented Adani Ports and Special Economic Zone Limited on two bond offerings with a combined value of US$1.4 billion, listed on the Singapore Stock Exchange.
The first offering involved a US$750 million issuance of 4.375% senior notes due 2029, with the proceeds to be used for capital expenditure and the repayment of existing debt.
The second offering involved three separate transactions: (1) a US$650 million issuance of 3.375% senior notes due 2024; (2) a concurrent tender offer for any and all of the issuer’s existing US$650 million 3.50% senior notes due 2020, which were repaid by the new bond issuance; and (3) the subsequent redemption of all outstanding 3.50% senior notes due 2020 that were not purchased through the tender offer.
The joint bookrunners for the two offerings were Barclays Bank PLC, Citigroup Global Markets Limited, Deutsche Bank AG, Singapore Branch, J.P. Morgan Securities plc, Merrill Lynch (Singapore) Pte. Ltd., Mizuho Securities Asia Limited, MUFG Securities Asia Limited and Standard Chartered Bank, and Emirates NBD Bank PJSC as one of the joint bookrunners for the first offering.
The Latham & Watkins team for both transactions was led by Singapore partner and India Practice Head Rajiv Gupta, with Hong Kong counsel Louis Rabinowitz, Singapore associates Esha Goel and Francesca Rothkell. Tax advice was provided by New York partners Jiyeon Lee-Lim and Elena Romanova, with New York associate Amy Robertson and London associate Robert Thomas. Additional support was provided by London partner Lene Malthasen and London associates Harrison Armstrong and Amina Tsatiashvili.