ECL Finance Limited’s $75 Million Masala Bonds Offering on the Mauritius Stock Exchange

Appleby Mauritius advised ECL Finance Limited, a Mumbai-based financial services company, in its offer, by way of private placement to targeted investors, of INR denominated USD settled notes (also commonly known as masala bonds) aggregating to INR 5.02 billion (US$75 million equivalent in INR).

The Appleby team was led by Partner, Malcolm Moller (Picture) and assisted by Associate, Farzanah Nawool.

Sun Global Investments Limited, London and Emirates NBD Bank, Dubai are the Global Coordinators and Joint Lead Managers on the transaction. The bonds have been listed on the Singapore Exchange Securities Trading Limited on 31 October 2016 and the Listing Committee of the Stock Exchange of Mauritius Ltd (the SEM), on 22 November 2016, approved the listing of the bonds on the Official Market of the SEM. The first day of listing on the SEM will be on 6 December 2016.

ECL Finance raised INR 5.02 billion from its masala bond, which has a tenor term of three years and two months and was priced at 9.05%. A subsidiary of Edelweiss Financial Services Limited, an Indian non-banking financial company engaged in providing credit services, ECL Finance plans to use the proceeds to pay existing debt and support business growth.

Appleby Mauritius advised ECL Finance Ltd on Mauritius law aspects of the listing alongside Khaitan & Company which advised on Indian law, Baker & McKenzie.Wong & Leow as English law advisers to the Joint Lead Managers and Norton Rose Fulbright (Asia) LLP as English law advisers to the Trustee.

Involved fees earner: Malcolm Moller – Appleby; Farzanah Nawool – Appleby;

Law Firms: Appleby;

Clients: ECL Finance Limited ;


Author: Andrea Canobbio