IDFC FIRST Bank Limited, acting through its IFSC Banking Unit, has made an issuance of $600 million senior notes due 2029; and an issuance of $350 million senior notes due 2031 on a private placement basis.
TT&A advised IDFC FIRST Bank on these issuances.
The transaction team consisted of Rahul Gulati (Partner), Priyanka Kumar (Partner), Shivani Iyer (Senior Associate) and Shrijaya Singh (Associate).
Shardul Amarchand Mangaldas & Co acted as Indian law counsel to BofA Securities, the Placement Agent. The Firm advised on the overall transaction structure from an Indian law perspective, including applicable IFSC and banking regulations, and provided closing support. The Firm was also involved in reviewing, negotiating and finalising the information memorandum, terms and conditions of the Notes, placement agency agreement and subscription agreement.
The transaction team was led by Shubhangi Garg (Partner), and comprised Ankeeta Parhi (Principal Associate), Associates Gaurangi Pande and Neville Tata.
The tax aspects of the transaction were advised by Gouri Puri (Partner) and Nimish Malpani (Principal Associate).
The team received strategic inputs from Prashant Gupta (Partner and National Practice Head – Capital Markets).
Linklaters served as the international legal counsel for BofA Securities.
The transaction was led by Amit Singh (Partner, Head of the India Practice) and Xunming Lim (Partner), with support from Calvin Cheng (Managing Associate) and Edward Lee (Associate).
The issuance marks IDFC FIRST Bank's entry into the international debt capital markets segment.
The bonds are listed on the Vienna MTF and are also proposed to be listed on a stock exchange in the GIFT City.
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