Shearman & Sterling represented Jaguar Land Rover on its £1 billion equivalent high yield bond offering that closed on May 19. The bond offering is the luxury carmaker's first since it was taken over by Indian-owned Tata Motors in June 2008.

The company will use the proceeds of the bond sale to refinance debt and to help develop new vehicles and technologies.

The high yield bond sale is partly in sterling (£500 million) and partly in dollars ($410 million due in 2018 and a further $410 million due in 2021). Jaguar Cars, Land Rover, Jaguar Land Rover North America, LLC, Land Rover Exports and Jaguar Cars Exports are guaranteeing the senior unsecured notes.

The Shearman & Sterling team of lawyers in the firm's London and New York offices was led by capital markets partners Jacques McChesney and Apostolos Gkoutzinis, associates Andrew Lodder and Jason Banks, and trainees Alexius Chong and Sara Couling. Partner Iain Scoon and associates Amy Lewis and James Leslie provided advice on the tax aspects of the offering, and counsel, Mehran Massih provided environmental advice.