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News Oct 31, 2014

Shearman & Sterling Represents Jaguar Land Rover Automotive on $500 Million Fixed Rate High Yield Bonds Offering

Shearman & Sterling represented Jaguar Land Rover Automotive plc (“Jaguar Land Rover”) on its offering of $500 million fixed rate high yield bonds due 2019. Jaguar Land Rover Automotive plc, an indirectly-owned subsidiary of Indian-owned Tata Motors Limited (India), bought luxury carmakers Jaguar Land Rover Limited and Land Rover in 2008.

The high yield senior notes are unsecured and guaranteed by Jaguar Land Rover Limited and Jaguar Land Rover Holdings Limited. The proceeds of the bond sale will be used for general corporate purposes, including to support Jaguar Land Rover’s ongoing growth and capital spending plan.

The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included capital markets partner Apostolos Gkoutzinis and associates Randy Nahlé, Gordon Houseman, Rainer Adlhart, and Saif Alaqili; tax partner Kristen Garry, counsel Simon Letherman, associates Judy Fisher and Jack Prytherch, and trainee Sarah Moir-Porteous; and counsel Mehran Massih, who advised on environmental aspects.

This is the sixth such offering for Jaguar Land Rover. Shearman & Sterling also advised Jaguar Land Rover 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, its £400 million fixed rate high yield bond offering in January 2014 and its first tender offers in early 2014.