Rolta India has completed a Rule 144A/Regulation S high yield bond offering after issuing US$200 million of 10.75% senior notes in the international markets. The notes will be listed on the Singapore Stock Exchange.
Rolta India is a technology company that provides IT solutions for defence and national security, utilities, power, financial services and other industries.
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The bonds were issued by one of Rolta’s US subsidiaries, Rolta LLC, with guarantees provided by subsidiaries in the US, the UK and the UAE in addition to the Indian parent company. The issue was jointly managed by Barclays, Citigroup, DBS Bank and Deutsche Bank.
DLA Piper designed the security structure of the deal and prepared intercompany loan documentation to help implement the debt repayment aspects of the use of proceeds. The firm was US counsel to Rolta. The team was led by Stephen Peepels, the head of DLA Piper’s US capital markets practice in Asia. He was assisted by associates Timothy Franklyn and Clark Chen.
Partners Chris Paci and Jason Harmon provided support in negotiating the covenant package and implementing the security structure, while partner Steve Weerts assisted with tax aspects of the deal. Sharon Smith and Debbie Barbour, partners in London and Abu Dhabi respectively, also assisted with the security structure.
AZB & Partners advised Rolta and its guarantors on Indian law matters, while Davis Polk & Wardwell acted as US counsel to the joint lead managers.
The Mumbai office of Trilegal advised the parties on the Indian law implications of the New York law-governed transaction documents and the regulatory regime governing guarantees by an Indian company to an indirect wholly owned subsidiary. The team at Trilegal consisted of partner Srinivas Parthasarathy, senior associate Priyanka Kumar and associates Gaurav Mukherjee and Anshul Gosavi.
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