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Latham & Watkins Advises on Bharti Airtel US$750 million Perpetual Securities Offering

October 22, 2019
Cross-border team advises on first subordinated perpetual securities issue undertaken by an Indian company.

Bharti Airtel Limited has issued US$750 million 5.65% subordinated perpetual securities. The offering was made through subsidiary Network i2i Limited and was listed on the Singapore Exchange Securities Trading Ltd (“SGX-ST”). The transaction represents the first subordinated perpetual securities issue undertaken by an Indian company. 

Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Limited, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, Merrill Lynch (Singapore) Pte Ltd and Standard Chartered Bank acted as Joint Bookrunners.

Latham advised the Joint Bookrunners on the transaction with a deal team led by Singapore corporate partner Rajiv Gupta, with Hong Kong partner Benjamin Carale, Hong Kong counsel Louis Rabinowitz, and Singapore associates Su Yeun Yang and Priyanka Mehta. New York partners Jiyeon Lee-Lim and Elena Romanova and associate Amy Robertson advised on tax matters. London partner Lene Malthasen provided English law advice.

The transaction represents the third offering on which the firm has advised Bharti Airtel, having previously advised on debt tender offer and rights offerings.