Herbert Smith Freehills has advised the lead manager, The Royal Bank of Scotland plc, on the issue of S$50 million 4.3% notes (the "Notes") by Tata International Singapore Pte Ltd. The Notes, which are due by 2018 and guaranteed by Tata International Limited ("TIL"), were listed on the Singapore Exchange Securities Trading Limited ("SGX-ST").
TIL is the premier trading arm of the Tata Group with a presence in manufacturing and supply chain integration. The private company leverages its global presence, along with its experience in sourcing and marketing, to offer a diverse range of products and services relating to its five major business areas: leather and leather products, metals trading, minerals trading, distribution and trading in agricultural based products. Tata Group has 49 offices across more than 35 countries in Africa, Europe, Asia and the Americas.
The Herbert Smith Freehills team was led by capital markets partner Philip Lee, who was supported by senior associate Simon Barrell, and associates Nupur Kant and Maniko Lim.
The firm also advised Citicorp International Limited as trustee, transfer agent and registrar on this transaction, as well as Citicorp Investment Bank (Singapore) Limited as CDP lodging and paying agent. Finance partner Alexander Aitken and consultant Etelka Bogardi advised on these aspects of the transaction.
Philip Lee commented:
"We are delighted to have had the opportunity to advise The Royal Bank of Scotland and assist Tata International on this note issue, which was unique in that it involved an unrated private Indian company issuing SGX-ST listed Singapore dollar debt in the international capital markets. The fact that more and more South Asian based companies are choosing Herbert Smith Freehills on their important capital markets transactions in Asia is a testament to our leading position in the Asian capital markets landscape."
Herbert Smith Freehills’ debt capital markets team has recently acted for:
Australia and New Zealand Banking Group Limited, DBS Bank Ltd., The Royal Bank of Scotland plc and Standard Chartered Bank, as joint lead managers in relation to the issue of S$250 million 4.25% notes due 2016 by Tata Communications (Netherlands) B.V. and guaranteed by Tata Communications Limited
Citigroup Global Markets Limited and Standard Chartered Bank as joint lead managers and bookrunners, and BT Bahana Securities as co-manager on PT Bank Rakyat Indonesia (Persero) Tbk's US$500 million notes issue
Standard Chartered Bank as the arranger and dealer on the establishment of a S$750 million Euro Medium Term Note programme by LMIRT Capital Pte Ltd and the first two fixed rate note issues under that programme
Export-Import Bank of China on its issuance of RMB2 billion (US$318 million) bonds, and
Wing Lung Bank on the establishment of US$2 billion Regulation S Euro Medium Term Note Programme, and the issue of US$200 million 3.50% subordinated notes under that programme listed on the Singapore Stock Exchange.
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