Allen & Overy has advised Bharti Airtel International (Netherlands) B.V. as issuer and Bharti Airtel Limited as guarantor on Bharti Airtel International (Netherlands) B.V.’s first dual currency international bond issue under Rule 144A/Regulation S which raised approximately USD2 billion.

The issue involved simultaneous notes offerings of USD1bn and EUR750m. The proceeds will be used by the issuer for the repayment and refinancing of existing foreign currency debt.

Commenting on the deal, partner Amit Singh said:

“We were delighted to advise on this transaction which is the largest capital markets fund-raising by our client to date. It demonstrates the depth and capability of our US capital markets practice in Hong Kong and Singapore where we have a team of 5 partners and 12 lawyers advising clients across Asia Pacific on US law aspects of international capital markets transactions. It also underscores the strength of our Indian capital markets practice. We were delighted to assist our long standing client Bharti Airtel Limited on this important offering for the company. We have previously advised Bharti Airtel Limited on a Rule 144A/Regulation S US$1bn notes offering followed by a US$500m tap offering in 2013, and a Regulation S EUR 750m notes offering in 2013 followed by a EUR 250m tap offering earlier this year.”

This bond offering is one of many Indian capital markets transactions the team has worked on this year, which include bond issuances for State Bank of India, IDBI Bank, Indian Railway Finance Corporation and Bank of Baroda. The firm has also recently worked on some prominent equity capital markets transactions from India such as the Qualified Institutions Placement for State Bank of India and Axis Bank and the recently completed rights issue for Tata Power Company Limited.

Partner Amit Singh led the Allen & Overy team from Hong Kong with support from associates Garrick Merlo, Vivian Chow and Julie Song.

Other firms involved in the transaction include Axon Partners LLP as Indian counsel for the joint bookrunners and lead managers: Barclays Bank PLC, BNP Paribas, HSBC Limited, Standard Chartered Bank, JP Morgan Securities PLC and Bank of America Merrill Lynch and Milbank Tweed Hadley & McLoy as US counsel to the joint bookrunners and lead managers.