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News Jan 31, 2014

Shearman & Sterling Advises Jaguar Land Rover on Its £400 Million Fixed Rate High Yield Bond Offering

Shearman & Sterling has advised Jaguar Land Rover Automotive plc on its offering of £400 million fixed rate high yield bonds, due 2022. The high yield senior notes are unsecured and guaranteed by Jaguar Land Rover Limited and Jaguar Land Rover Holdings Limited. Jaguar Land Rover Automotive plc intends to use the proceeds to repurchase certain of their existing notes. Any remaining proceeds will be used for general corporate purposes.

The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included Tax partners Iain Scoon and Kristen Garry and associates Judy Fisher and Jack Prytherch; and Capital Markets associates Randy Nahlé and Gordon Houseman; and counsel Mehran Massih, who advised on environmental aspects.

Jaguar Land Rover Automotive plc, an indirectly-owned subsidiary of Indian-owned Tata Motors Limited (India), bought luxury carmakers Jaguar Land Rover Limited (formerly Jaguar Cars Limited) and Land Rover in 2008.

This is the fifth such offering for the company. The firm also advised the company on its £1 billion equivalent fixed rate high yield bond offering in May 2011, its £500 million fixed rate high yield bond offering in March 2012, its US$500 million fixed rate high yield bond offering in January 2013, and its US$700 million fixed rate high yield bond offering in December 2013.