MANUFACTURING | Roxanne Uy, Singapore

Herbert Smith Freehills advised on the first Note issued by a non-bank Indian corporate

The bond issue is worth $250 million.

Herbert Smith Freehills has advised the lead manager, The Royal Bank of Scotland plc, on the issue of S$50 million 4.3% notes by Tata International Singapore. The Notes, which are due by 2018 and guaranteed by Tata International Limited, were listed on the Singapore Exchange Securities Trading.

Herbert Smith Freehills also advised Tata Communications on its recent S$250 million notes issue. This transaction marked the first Note issued by a non-bank Indian corporate in the Singapore dollar-denominated capital markets this year.

The Herbert Smith Freehills team was led by capital markets partner Philip Lee, who was supported by senior associate Simon Barrell, and associates Nupur Kant and Maniko Lim.

According to Philip Lee, although both were denominated in Singapore dollars, they were both documented under the English law in order to capture international investors who are more familiar with the English law governed bonds.

“In addition to advising Tata Communication on its $250 million bond issue, we also helped them tap into the international capital markets again last week through a S$150 million tap issue off their existing S$250 million 4.25 per cent Senior Note issue," he added.

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