Allen & Overy advises on Bharti Airtel International’s dual-currency bond issue

Allen & Overy has advised Bharti Airtel International (Netherlands) BV, as issuer, and Bharti Airtel Ltd, as guarantor, on Bharti Airtel International (Netherlands) BV’s first dual-currency international bond issue under Rule 144A/Regulation S, which raised approximately $2bn (£1.2bn).

The issue involved simultaneous notes offerings of $1bn and €750m (£610m). The proceeds will be used by the issuer for the repayment and refinancing of existing foreign currency debt.

This bond offering is one of many Indian capital markets transactions the Allen & Overy 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.

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 as Indian counsel for the joint bookrunners and lead managers, Barclays Bank, BNP Paribas, HSBC, Standard Chartered Bank, JP Morgan Securities and Bank of America Merrill Lynch; and Milbank Tweed Hadley & McLoy as US counsel to the joint bookrunners and lead managers.