Cyril Amarchand Mangaldas acted as the India legal counsel to Adani Ports and Special Economic Zone Limited (APSEZL) on raising funds through issuance of bonds. The Company is the largest commercial ports operator in India and has a Pan-India presence.
The Capital Markets team of Cyril Amarchand Mangaldas advised APSEZL on the Transaction. The CAM team played a pivotal role in ensuring that: (a) the transaction documents and the terms and conditions of the issuance meet the structuring and commercial objectives of the Company and (b) the offering circular and other documentation are prepared in accordance with the Indian regulations and international best practices.
The Transaction Team was led by Yash Ashar, Partner & Head – Capital Markets; Pranav Sharma, Partner; Abhinav Kumar, Partner and Pururaj Bhar, Partner; with support from Neha Samant, Principle Associate; Surajkumar Shetty, Principle Associate; Apoorv Jain, Senior Associate; Bipluv Jhingan, Senior Associate; Sowmya Khandelwal, Associate; and Akanksha Prakash, Trainee – Legal.
As a part of the Transaction, APSEZL issued USD 750 million 4.20% stand-alone issuance of bonds (Notes) due in 2027. The Notes have been listed on the SGX and INX and were rated BBB- by S&P, BBB – by Fitch and Baa3 by Moody’s.
Other parties involved in the Transaction included:
Barclays Bank Plc, Citigroup Global Markets Limited, Deutsche Bank AG, Singapore Branch, J.P. Morgan Securities Plc, Merrill Lynch (Singapore) Pte. Ltd., Standard Chartered Bank, Credit Suisse (Hong Kong) Limited, DBS Bank Ltd., Emirates NBD Bank PJSC, Mizuho Securities (Singapore) Pte. Ltd. and MUFG Securities Asia Limited Singapore Branch (Managers and Joint Bookrunners)
The Bank of New York Mellon (Trustee, Principal Paying Agent, Registrar and Transfer Agent)
Latham & Watkins LLP (International Legal Counsel to the Company)
Linklaters Singapore Pte. Ltd. (International Legal Counsel to the Managers and Joint Bookrunners)
The Transaction was signed on July 28, 2020 and concluded on August 4, 2020.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 141 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm, Cyril Amarchand Mangaldas, was recently awarded with “India – Firm of the Year” at the AsiaLaw Regional Awards 2019 and “India Deal Firm of the Year” at the In-House Community Counsels of the Year Awards 2019. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2018” at the IFLR Asia Awards, having also been successful in winning the prestigious & coveted “National Law Firm of the Year, 2018 for India” at the Chambers Asia-Pacific Awards. The firm was also voted as the “Employer of Choice for 2018” from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.
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