New Delhi : Shardul Amarchand Mangaldas and Co. acted as Indian legal advisor to Videocon Industries Limited (the “Issuer”) in relation to its restructuring of USD 194.40 million 6.75 percent foreign currency convertible bonds (“FCCBs”) due December 2015.
The capital markets team of Shardul Amarchand Mangaldas was led by Prashant Gupta, Partner and National Practice Head-Capital Markets, and included Shilpa Mankar Ahluwalia, Partner, and Monal Mukherjee, Partner, Shubhangi Garg,Principal Associate, Mathew Thomas, Senior Associate, Mallika Chopra, Senior Associate, and Roochi Hatengdi,Associate.
Videocon Industries Limited is a global conglomerate and the flagship company of the Videocon Group in India. This was a restructuring of USD 194.40 million 6.75 percent existing FCCBs of the Issuer, which were issued in December 2010 and due December 2015.
The transaction involved part cash settlement of an amount of USD 97.20 million (plus applicable interests and costs), and part exchange into USD 97.20 million 4.30 percent FCCBs due December 2020. The Exchange Bonds are secured by way of pledge of certain shares of Videocon
Telecommunications Limited (a subsidiary of the Issuer) by certain Videocon Group entities, and personal guarantees by two of the promoters of the Issuer.
The existing FCCBs of the Issuer were, and the Exchange Bonds are, listed on the Singapore Stock Exchange (SGX-ST), while the underlying equity shares of the Issuer are listed on the Indian stock exchanges, namely, BSE Limited and National Stock Exchange of India Limited.
The parties involved in the transaction were Videocon Industries Limited (the “Issuer”), Credit Suisse (Singapore) Limited (the “Sole Bookrunner”), DB Trustees (Hong Kong) Limited (the “Trustee”), Deutsche Bank AG, Hong Kong Branch (the “Principal Agent”), Deutsche Bank Luxembourg S.A (the “Registrar”) and Madison Pacific Trust Limited (the “Security Trustee”). (ANI)