Milbank Advises on US$750 Million Tata Motors Ltd Combined Offering
HONG KONG, 29 October, 2009 – Milbank, Tweed, Hadley & McCloy LLP advised on the US$750 million global depositary shares and convertible notes offering by India’s Mumbai-listed Tata Motors Limited, which closed this month. Milbank represented Citigroup, Credit Suisse and JP Morgan as underwriters of the offering.
The transaction was a combined offering of US$375 million global depositary shares and US$375 million 4.00% convertible notes due 2014. Tata Motors said the offering would help pay for its 2008 acquisition of Jaguar and Land Rover from Ford Motor Co.
“Tata Motors is one of several Indian companies taking advantage of the currently buoyant Asian markets to raise capital,” said Anthony Root, head of Asia corporate practice, who led on the deal. “This offering reinforces Milbank’s strong position in representing major Indian corporates.”
The deal team included partners Naomi Ishikawa in Singapore and Tom Siebens in London, and associates David Gasperow and Randy Ali in London and Jay Southgate in Tokyo.
Mr. Root noted that Milbank had a well established relationship with the Tata Group, which includes having advised on Tata Steel’s recent US$500 million offering of Global Depositary Receipts on the London Stock Exchange, and Tata Steel’s US$2.3 billion rights offering and Cumulative Compulsory Convertible Preference Share Issuance in 2008. Sullivan & Cromwell and AZB represented the Issuer and Amarchand & Mangaldas & Suresh A. Shroff & Co were the Underwriters’ Indian counsel.
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Milbank, Tweed, Hadley & McCloy LLP is a leading global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex and innovative transactions. Our transactional expertise includes Acquisition Finance, Capital Markets, Corporate Finance, Project Finance and other major fields of law practice. Headquartered in New York, Milbank has 10 offices worldwide, including Beijing, Hong Kong, Singapore and Tokyo.