TT&A advises Deutsche Bank, SocGen, HSBC on issue of Senior Secured Notes by Varanasi Aurangabad NH-2 Tollway

TT&A advised Deutsche Bank AG Singapore Branch, Société Générale and The Hongkong and Shanghai Banking Corporation Limited (the initial purchasers) in relation to the issue and sale of Reg S / Rule 144A USD 316.3 million 5.90% Senior Secured Notes due 2034 by Varanasi Aurangabad NH-2 Tollway Private Limited.

The Firm also acted as Indian law advisors to the hedge banks engaged by the Issuer in relation to the issue of Notes.

The TT&A transaction team consisted of Rahul Gulati (Partner), Priyanka Kumar (Partner), Uzma Naseem (Managing Associate), Nikita Agarwal (Senior Associate) and Shivani Iyer (Associate).

Akshay Malhotra (Partner) and Kush Saggi (Managing Associate) advised on project related matters.

This deal is a debut issuance for Roadis India group. The Issuer is the first Indian road concession company to raise US dollar-denominated debt in the international capital markets and to obtain investment grade rating by Moody’s and Fitch. The bond offering also received an overwhelming response from global investors.

Regulation S (Reg S) and Rule 144A senior secured notes are debt securities issued by companies to raise capital while ensuring compliance with U.S. and international securities laws. Reg S notes are issued outside the United States and are exempt from SEC registration, making them accessible to non-U.S. investors. Rule 144A notes, on the other hand, are sold within the U.S. to Qualified Institutional Buyers (QIBs) without requiring full SEC registration, providing liquidity in the private placement market.

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