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Allen & Overy Advises On Dual Currency Bond Offering By Bharti Airtel International (Netherlands) B.V.

22 May, 2014

 

Allen & Overy has advised Bharti Airtel International (Netherlands) B.V., as issuer, and Bharti Airtel Limited, as guarantor, on Bharti Airtel International (Netherlands) B.V.’s first dual currency international bond issue under Rule 144A/Regulation S which raised approximately USD 2bn. The issue involved simultaneous notes offerings of USD 1bn and EUR 750m. The proceeds will be used by the issuer for the repayment and refinancing of existing foreign currency debt.

 

Partner Amit Singh led the Allen & Overy team from Hong Kong.

 

Commenting on the deal Mr. Singh said: “We were delighted to advise on this transaction which is the largest capital markets fund-raising by our client to date. It demonstrates the depth and capability of our US capital markets practice in Hong Kong and Singapore where we have a team of 5 partners and 12 lawyers advising clients across Asia Pacific on US law aspects of international capital markets transactions. It also underscores the strength of our Indian capital markets practice. We were delighted to assist our long standing client Bharti Airtel Limited on this important offering for the company. We have previously advised Bharti Airtel Limited on a Rule 144A/Regulation S USD 1bn notes offering followed by a USD 500m tap offering in 2013, and a Regulation S EUR 750m notes offering in 2013 followed by a EUR 250m tap offering earlier this year.”

 

Other firms involved in the transaction include:


  • Axon Partners LLP as Indian counsel for the joint bookrunners and lead managers: Barclays Bank PLC, BNP Paribas, HSBC Limited, Standard Chartered Bank, JP Morgan Securities PLC and Bank of America Merrill Lynch.
  • Milbank Tweed Hadley & McLoy as US counsel to the joint bookrunners and lead managers.

 

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