Issuance of maiden US$ 540 Million Secured US$ Bonds by IRB Infrastructure Developers Limited

  • Deal
  • March 12, 2024

JSA advised IRB Infrastructure Developers Limited (“ Issuer” or “IRB “) on its maiden Reg S / Rule 144A US$ 540 Million 7.11 % due 2032 senior, secured US$ denominated Notes issuance to overseas investors (“Issue”).

IRB is India’s leading and largest integrated and first multinational transport and infrastructure developer in roads and highways sector, with a prominent and major presence in the Build- Operate- Transfer (BOT) space.

The Notes are listed on the India International Exchange (IFSC) Limited (“India INX”).

JSA also assisted and facilitated listing of the US$ Notes on the Global Securities Market of India International Exchange(IFSC) Limited (“India INX”), India’s international stock exchange at the GIFT City.

IRB’s US$ Bonds transaction has many firsts to its credit:-

  • The transaction is a debut US$ Bonds Offering by IRB. The Issue is the maiden issuance by the Issuer in the international debt capital markets.
  • The Issue was oversubscribed and witnessed a thumping investor interest amongst sophisticated investors, especially, anchor investors in the US and Asia Pacific.
  • It’s the first US$ Rule 144A Bonds issuance by a corporate, especially an Indian infrastructure development and construction multi- national company.
  • It is the second High Yield Rule 144A Bonds issuance from out of India in 2024 in the global debt capital markets.

Our Transaction Team Comprised Lead Partner – Dina Wadia, Partner – Uttara Kolhatkar, Associate – Zahan Kalyaniwalla and Vedant Gupta.

Our Tax Team Comprised Partner – Kumarmanglam Vijay and Of Counsel – Surajkumar Shetty.

Our Due Diligence Team (for Legal Proceedings) Comprised Partner – Varghese Thomas and Associate – Virgil Braganza.