S&R, Latham assist OYO in first TLB financing for India

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S&R Associates, Latham & Watkins assist OYO in first TLB financing for India

S&R Associates and Latham & Watkins represented Oravel Stays, the operator of OYO Hotels & Homes, when it raised USD660 million in a term loan B (TLB) debt financing from global institutional investors.

Shardul Amarchand Mangaldas & Co (SAM) and Linklaters advised the arrangers – JP Morgan Chase Bank, Mizuho Bank, and Deutsche Bank Securities.

Announcing the deal on 16 July, OYO said it was “the first Indian company to raise capital through the TLB route”.

OYO’s in-house legal team was led by group general counsel Rakesh Prusti, and included director of legal Abhinav Srivastava, assistant general counsel Urvashi Pathak and in-house counsel Neha Koshy.

The S&R team was led by partners Divyanshu Pandey, Sanjeev Adlakha and Arpita Garg, and included associates Prerna Sachdeva and Shashwat Bhaskar.

Latham & Watkins’ team was led by Singapore-based partners Timothy Hia and Rajiv Gupta, with support from associates Tan Wen Yi, Helen Liu and Aakash Sardana. Latham’s Chicago-based partner, Nabil Sabki, and associate John Reinert also assisted on the deal, while New York-based partner Lee-Lim Jiyeon and Chicago-based partner Enrique Rene de Vera provided tax advice.

SAM’s transaction team was led by partners Prashant Gupta and Shubhangi Garg, principal associate Pritha Chatterjee and associate Shweta Singh. Partner Misha, senior associate Mahima Sareen and associate Moulshree Shukla advised on insolvency and bankruptcy aspects, while partner Mukul Baveja and principal associate Apoorva Murali advised on IP issues and partner Gunjan Shah provided strategic input. The Linklaters’ team consisted of partners Amit Singh, Philip Badge and Danelle Le Cren, and managing associate Angus Graham.

OYO said it would use the funds “to retire past debts, strengthen the balance sheet, and other business purposes including investment in product technology”. The company also said it was “among the first” Indian startups to be publicly rated by Moody’s and Fitch rating agencies.