Shearman & Sterling has advised Jaguar Land Rover Automotive plc on the tender offers for its £500 million Notes due 2018 (the “Sterling Tender Offer”) and $410 million Notes due 2018 (the “Dollar Tender Offer”), which were among the first high yield bonds issued by the company as part of its £1 billion equivalent fixed rate high yield bond offering in May 2011.

These are the first tender offers for Jaguar Land Rover and were launched concurrently with the company’s £400 million fixed rate high yield bond offering in January 2014 and less than two months after its $700 million fixed rate high yield bond offering in December 2013.

The Sterling Tender Offer and the Dollar Tender Offer were both launched on January 28, 2014 and settled on February 7, 2014 and March 3, 2014, respectively (with an early settlement for the Dollar Tender Offer on February 14, 2014). The tender offer consideration in each tender offer was determined using a fixed spread over a defined government security yield.

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.

Shearman & Sterling 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 $500 million fixed rate high yield bond offering in January 2013, its $700 million fixed rate high yield bond offering in December 2013 and its £400 million fixed rate high yield bond offering in January 2014.

The Team