The first Regulation S debt issuance by an Indian airport and a milestone development for the Indian infrastructure sector
Milbank, Tweed, Hadley & McCloy has advised international underwriters in the US$288.75 million Regulation S high-yield debt issuance by Delhi International Airport Private Limited (“DIAL”) which operates New Delhi's Indira Gandhi International Airport, one of the largest airports in the world. This is one of the first of its kind for a major infrastructure asset in India.
Singapore-based securities partner Naomi Ishikawa led the Milbank team on behalf of Citigroup, Standard Chartered Bank, HSBC, JP Morgan, and KKR Capital Markets. The offering, valued at US$288.75 million, closed on Feb. 3, 2015.
“Milbank is very pleased to participate in this landmark issuance by India's busiest airport” said Ms. Ishikawa. “This is the first bond offering by an infrastructure asset of this type in India, with a set of terms that accommodates the regulated nature of the air transport business.”
For more than 20 years Milbank has been working on significant and milestone assignments in India and is regularly recognized for its market-leading work in that region. Most recently, in January 2015, India Business Law Journal awarded five Milbank matters among its 2014 “Deals of the Year”, including Tata Steel Ltd. on its US$1.5 billion bond offering, one of the largest bond offerings in India in 2014; and the Bharti Airtel US$2 billion dual currency bond offering which was the largest bond offering ever by an Indian company as well as the first dual currency securities offering by an Indian company.
Ms. Ishikawa is one of the leading capital markets lawyers in the Asia-Pacific region. Her practice focuses on cross-border securities offerings for companies located in the Asia-Pacific region, for which she advises investment banks, private equity firms, governments and government-related companies, and private companies.
Ms. Ishikawa was assisted on the transaction by associates Jim McFarlane and Bodie Stewart.
