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News Feb 06, 2014

Shearman & Sterling Receives Four ‘Deals of the Year’ Recognition in IBLJ

Shearman & Sterling was recognized in the recent India Business Law Journal (IBLJ) Awards 2013 for its involvement in four high-profile transactions that were named Deals of the Year by IBLJ. The winning deals were chosen based on “novelty, legal and regulatory complexity, and any precedents that may have been established,” according to IBLJ.

The following winning deals have been published in the December/January 2014 issue:

  • Reliance Industries’ investment-grade bond offering—the firm advised the initial purchasers on the Rule 144A/Regulation S offering of US$800 million 5.875% senior perpetual notes by Reliance Industries Limited, one of India’s largest private sector enterprises. This transaction was the first U.S. dollar bond issuance by Reliance Group.
  • Jaguar Land Rover Automotive plc’s senior notes offering— Shearman & Sterling represented Jaguar Land Rover Automotive plc (formerly Jaguar Land Rover PLC) on its offering of US$700 million fixed-rate high yield bonds due 2018. 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 fourth 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 and its US$500 million fixed-rate high yield bond offering in January 2013.
  • Vedanta Resources high yield bond offering—Shearman & Sterling represented the joint global coordinators, lead managers and bookrunners on the US$1.7 billion Rule 144A/ Regulation S bond offering listed on the Singapore Exchange by Vendanta Resources plc. This offering is the fourth bond offering for Vedanta. The firm also advised the underwriters on Vedanta’s US$1.65 billion bond offering in June 2011 and its US$1.25 billion bond offering in July 2008. Vedanta Resources plc is a London-listed FTSE 100 globally diversified natural resources group.
  • Cennergi’s Amakhala Emoyeni wind farm in South Africa—the firm is advising Cennergi Proprietary Limited, a joint venture between Tata Power(India) (through Khopoli Investments Limited) and Exxaro Resources Ltd., on the development of the Amakhala Emoyeni wind farm, near Bedford in South Africa’s Eastern Cape Province. Once completed, the wind farm is expected to have 56 turbines and a total installed capacity of 134MW. The Amakhala Emoyeni wind farm is part of the second round of the South African government's renewable energy independent power producer's procurement programme (REIPPP). The ambitious program, without precedent in the renewables industry, is said to set the blueprint for other countries looking to fill their clean energy gap.