Shearman & Sterling represented Jaguar Land Rover Automotive plc (“Jaguar Land Rover”) on its tender offer and consent solicitation (the “Tender Offer”) for its £500 million Notes due 2018 issued in March 2012 (the “Notes”). Jaguar Land Rover Automotive plc, an indirectly-owned subsidiary of Indian-owned Tata Motors Limited (India), bought luxury carmakers Jaguar Land Rover Limited and Land Rover in 2008.

The Tender Offer was launched concurrently with the company’s £400 million fixed rate high yield bonds due 2023 on February 19, 2015 and settled on March 20, 2015 (with an early settlement on March 6, 2015). The supplemental indenture removing substantially all of the Note’s restrictive covenants was entered into on March 5, 2015. The tender offer consideration was determined using a fixed spread over a defined government security yield.

The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included Capital Markets partner Apostolos Gkoutzinis, counsel Joji Ozawa, associate Gordon Houseman and trainee Ricky Chow, as well as Tax partner Kristen Garry, counsel Simon Letherman, and associates Kammy Lai and Gabriel Ng.

The firm has also advised the Jaguar Land Rover on its:

* £1 billion equivalent fixed rate high yield bond offering in May 2011
* £500 million fixed rate high yield bond offering in March 2012
* $500 million fixed rate high yield bond offering in January 2013
* $700 million fixed rate high yield bond offering in December 2013
* £400 million fixed rate high yield bond offering in January 2014
* $500 million fixed rate high yield bond offering in October 2014
* £400 million fixed rate high yield bond offering in February 2015.