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Debt Capital Markets

The Practice

Khaitan’s award winning DCM practice comprises domestic and international DCM transactions across a wide range of Indian and international issuers and underwriters. This includes all types of debt issuances including international foreign currency bonds both Reg S and 144A/Reg S issuances by Indian issuers; high yield bond issuances, tender offers and consent solicitation advice; establishment, update and drawdown under MTN programmes; guaranteed and investment grade bond issues (both domestic and international); Basel III compliant bonds, Tier 1 and Tier 2 Capital bonds; and foreign currency convertible bonds (FCCBs).

We routinely also advise on public issues of debentures to retail investors; infrastructure bonds and green bonds; private placement of non-convertible debentures (whether secured//unsecured/listed/unlisted); market linked debentures and other forms of commercial papers.

The Execution

Our clients are both strategic and financial transaction sponsors. We continually represent domestic and international clients across multiple sectors including airports, renewables, infrastructure, steel, real estate and non-banking, listed and unlisted Indian companies, multinational corporations, banks, multilaterals, REITs and INVITs, infrastructure debt funds and international portfolio investors. We have assisted clients in getting growth funding, refinancing, distress funding, mezzanine funding, acquisition finance and capital.

The Khaitan Advantage

We have a specialised and focussed DCM practice with lawyers with skill sets which spans across capital markets and debt covenant packages. This is a practice which is highly specialised and that is spread across four geographies. We have the expertise to deal with the demands of any DCM transaction of any kind, in any sector, and of any size. We are consciously sensitive to the expectations and requirements in DCM transactions of our diverse clientele. Being a full-service firm allows us to deliver on every legal aspect of a complex DCM deal with experts to provide end-to-end solutions. Decades of experience in dealing with regulators and dedicated partner involvement including close integration with sector specialists allows us to deliver on deals in complex sectors.

Key Contacts

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Key Deals

International Finance Corporation

Acted as the sole counsel to the client on its inaugural INR denominated Rs 6,000 crores bond programme and issue of listed notes rated by international rating agencies.

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Delhi International Airport Limited

Acted as the counsel to the Issuer in relation to the offering of 6.45% fixed rate high yield senior secured US$ 350 million 2029 bonds under the Regulation S and Reg 144A of the Securities Act of 1993. Citigroup, Deutsche Bank, HSBC, J.P. Morgan and Standard Chartered Bank, First Abu Dhabi Bank, MUFG, UBS and YES Bank were the Joint Lead Managers and Joint Bookrunners for the Bonds.

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GMR Hyderabad International Airport Limited

Acted as the counsel to the client in relation to the US$300 million issue of 5.375% high yield senior secured bonds.

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Vedanta Resources plc

Acted as the sole transaction counsel to the client in relation to tender offers to purchase part of Vedanta’s outstanding bonds – “2018 bonds” and “2019 Bonds” followed by a new Reg S/144A high yield bond offering of USD 1 billion bonds for a total consideration of USD 989 million.

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Mahindra and Mahindra Financials Services Limited

Establishment and Update of MTN Programme for the client.

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Public Issues of Debt Securities

We are market leaders in the domestic market with maximum number of issuances in the last 5 years in any financial year including: (1) Inaugral public issue of debentures by leading NBFCs and HFCs - L&T Finance, Mahindra and Mahindra Financial Services Limited, Edelweiss Retail Finance Limited, Aadhar Housing Finance Limited,  Reliance Home Finance Ltd; and (2) Public issue of Shriram Transport Corporation Limited, Muthoot Fincorp Limited.

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India Grid Trust (Sterlite group)

Advised on the first ever debt securities issue by an INVIT in India being the India Grid Trust (Sterlite group) on a private placement basis through e-bidding.

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Reliance Industries Limited

Acted as the sole transaction counsel on one of the first private placement transactions undertaken under the e-bidding route.

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Suzlon Energy Limited and First Source Solutions Limited

Assisted on the FCCBs of the clients.

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