Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

News Jan 17, 2017

Shearman & Sterling Advises Jaguar Land Rover on Its First Euro-Denominated High-Yield Bond Offering

Shearman & Sterling advised Jaguar Land Rover Automotive plc on its offering of €650 million 2.2% senior notes due 2024. This offering was Jaguar Land Rover’s first euro-denominated offering and was priced at the most competitive coupon rate Jaguar Land Rover has obtained to date.  

The high yield senior notes are unsecured and guaranteed by Jaguar Land Rover Limited and Jaguar Land Rover Holdings Limited. Jaguar Land Rover intends to use the proceeds for general corporate purposes, including to support its ongoing growth and capital spending plans. 

This is the ninth such offering for the company. Shearman & Sterling also advised the company 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; and $500 million fixed-rate high yield bond offering in March 2015.

The Shearman & Sterling team included partners Apostolos Gkoutzinis (London-Capital Markets), Kristen Garry (Washington, DC-Tax)  and Simon Letherman (London-Tax); counsel Mehran Massih (London-Environment); and associates Randy Nahlé and Elena Dzhurova (both London-Capital Markets); Michael Daly (Washington, DC-Tax) and Sarah Moir-Porteous (London-Tax).