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News Apr 01, 2015

Shearman & Sterling Represents Jaguar Land Rover Automotive plc on Tender Offer and Consent Solicitation for $410 Million Notes

Shearman & Sterling represented Jaguar Land Rover Automotive plc (“Jaguar Land Rover”) on its tender offer and consent solicitation (the “Tender Offer”) for its $410 million Notes due 2021 issued in May 2011 (the “Notes”). 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 Tender Offer was launched concurrently with the company’s $500 million fixed rate high yield bonds due 2020 on March 3, 2015 and settled on March 31, 2015 (with an early settlement on March 17, 2015). The supplemental indenture removing substantially all of the Note’s restrictive covenants was entered into on March 16, 2015. The tender offer consideration was determined using a fixed spread over a defined government security yield.

The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included Capital Markets partner Apostolos Gkoutzinis, counsel Joji Ozawa, associate Gordon Houseman and trainee Ricky Chow, as well as Tax partner Kristen Garry, counsel Simon Letherman, and associates Kammy Lai and Gabriel Ng.

The firm has also advised Jaguar Land Rover on its:
- £1 billion equivalent fixed rate high yield bond offering in May 2011
- £500 million fixed rate high yield bond offering in March 2012
- $500 million fixed rate high yield bond offering in January 2013
$700 million fixed rate high yield bond offering in December 2013
£400 million fixed rate high yield bond offering in January 2014
$500 million fixed rate high yield bond offering in October 2014
- £400 million fixed rate high yield bond offering in February 2015
$500 million fixed rate high yield bond offering in March 2015