13 April, 2015

Herbert Smith Freehills has announced that the firm has advised on a RMB 690m note offering by ITNL Offshore Two Pte. Ltd., guaranteed by IL&FS Transportation Networks Limited. The deal marks the single largest ever CNH bond issue from an Indian company. IOPL is a 100% owned subsidiary of ITNL which is a surface transportation infrastructure company and private sector BOT road operator in India.

Listed on the Singapore Exchange, the offering comprised RMB 690m 7.5% Reg S only Senior Unsecured Notes due 2018.

The Herbert Smith Freehills team on the transaction was led by Singapore-based capital markets partner Philip Lee. The firm acted as sole international counsel for CLSA, ANZ, HSBC and SCB as joint lead managers. A Hong Kong team advising the trustee was led by Hong-Kong based partner Alexander Aitken.

Philip commented: “This is a significant deal for India as it is a successful precedent for Indian companies to raise alternative currencies such as RMB to source capital in the debt capital markets to supplement the traditional US dollar market. It has been truly exciting to work on this ground breaking transaction and we are proud to have been involved in the deal’s success.”

Conventus Law