DLA Piper advises Rolta India on Rule 144A/Regulation S high-yield bond offering

DLA Piper has advised Rolta India Ltd on the first Rule 144A/Regulation S high-yield bond offering from India after the successful pricing of $200m of 10.75 per cent 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 defence industry and homeland security.

DLA Piper implemented a complex security structure on the deal, with the bonds being issued by one of Rolta’s US subsidiaries — Rolta LLC — and with guarantees provided by subsidiaries in the US, UK and UAE in addition to the Indian parent company. The law firm also prepared intercompany loan documentation to help implement the debt repayment aspects of the use of proceeds.

Stephen Peepels, head of DLA Piper’s US capital markets practice in Asia, led the DLA Piper team alongside associates Timothy Franklin 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.

Barclays, Citigroup, DBS and Deutsche Bank acted as the joint lead managers to the notes offering. DLA Piper and Davis Polk were US 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.