DLA Piper has advised Rolta India Limited (Rolta) on the first Rule 144A/Regulation S high yield bond offering from India after the successful pricing of US$200 million of 10.75% Senior Notes in the international markets. The Notes will be listed on the Singapore Exchange Securities Trading Ltd. (SGX-ST).

Rolta India is a technology company based in India, with operations in 40 locations around the world. It has a significant focus on the defense industry and homeland security.

DLA Piper implemented a complex security structure on the deal, with the bonds being issued by one of Rolta's U.S. subsidiaries, Rolta LLC, and with guarantees provided by subsidiaries in the United States, UK and UAE in addition to the Indian parent company. DLA piper also prepared intercompany loan documentation to help implement the debt repayment aspects of the use of proceeds.

Stephen Peepels, Head of DLA Piper's U.S. Capital Markets practice in Asia, led the DLA Piper team alongside associates Timothy Franklyn and Clark Chen. Chris Paci and Jason Harmon provided support with negotiating the covenant package, and implementing the security structure, and Steve Weerts assisted with Tax aspects. DLA Piper lawyers from London and Abu Dhabi also assisted on the security structure, led by partners Sharon Smith and Debbie Barbour respectively.

Stephen Peepels commented: "This is a fantastic outcome on a very exciting project. While there have been several bond offerings from India before, most bonds have been issued without high yield covenants, or by companies with government ownership. This was a high yield deal with a fully negotiated covenant package by a private company. It was a great success thanks to input from six DLA Piper offices."

K K Singh, Chairman and Managing Director of Rolta: “We are very pleased to have set a new benchmark by successfully completing this offering, one of the first high-yield bond issuances of its kind. We are also privileged to note the confidence that some of the investors have placed in us.”

Barclays, Citigroup, DBS and Deutsche Bank acted as the joint lead managers to the notes offering. DLA Piper and Davis Polk were U.S. counsel to Rolta and to the joint lead managers, respectively. AZB and Trilegal advised Rolta and the joint lead managers on matters of Indian law.