Clifford Chance

Clifford Chance advises on US$300 million high yield bond offering from Reliance Communications

Leading international law firm Clifford Chance has advised on a US$300 million high yield bond offering by Reliance Communications, one of India's leading telecommunications operators.  The firm represented DBS and Standard Chartered Bank as joint global coordinators, book runners and managers of the Regulation S only offering.

The notes issued under the bond benefit from a security package consisting of asset security, share pledges and security over certain telecommunications licenses of Reliance Communications. The bond contains New York style incurrence covenants and was issued under an English law governed trust deed.

Lead partner on the deal, Rahul Guptan, said, "This high yield bond offering required an experienced cross practice team of English and New York qualified lawyers to execute the transaction. The successfully placed deal also represents the increasing strength and depth of the Indian high yield market following a successful 2014."

The senior secured notes have a five year tenor and were priced at 6.5%, a coupon that is markedly lower than most high yield issuances in the Asian market.

Rahul was supported by consultant Andrew Kelly, counsel Mabel Tay and senior associate Shashwat Tewary.

Through this well received transaction, Clifford Chance continues to enhance its presence in the Indian high yield market having recently represented Indiabulls Real Estate on their debut US$175 million high yield issuance.