JSA acts for IRB’s first issue of USD540m in global bonds

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IRB infrastructure debt capital markets
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JSA has acted for IRB Infrastructure Developers in its inaugural issuance of USD540 million in senior, secured US-dollar denominated notes to overseas investors, marking the company’s first foray into the international debt capital markets.

Partners Dina Wadia, Uttara Kolhatkar led the JSA transaction team with the assistance of associates Zahan Kalyaniwalla and Vedant Gupta. The tax team comprised partner Kumarmanglam Vijay and of counsel Surajkumar Shetty, while partner Varghese Thomas and associate Virgil Braganza provided due diligence for legal proceedings.

JSA also facilitated the listing of the bonds on the India-INX International Exchange IFSC’s Global Securities Market platform, further solidifying IRB’s presence in GIFT City’s markets.

The Reg S/Rule 144A notes, with a 7.11% coupon rate due in 2032, saw robust investor interest from both the US and Asia-Pacific regions. IRB’s debut bond offering marks its inaugural venture into the international debt capital markets and the first India infrastructure development and construction multinational to issue Rule 144A bonds. It is also the second high yield Rule 144A bond issuance from India in 2024.

IRB – India’s largest integrated multinational infrastructure developer in the roads and highways sector – works in the build-operate-transfer domain.

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