Jaguar Land Rover Automotive plc Completes Its Largest Offering to Date

January 17, 2017

Jaguar Land Rover Automotive plc completed a Rule 144A and Regulation S offering of €650,000,000 of its 2.200% guaranteed unsecured senior notes due 2024. The offering was Jaguar Land Rover's debut euro-denominated offering and largest offering to date. Due to favorable market conditions and Jaguar Land Rover's strengthening credit profile, the bonds priced at the lowest bond coupon rate Jaguar Land Rover has achieved to date.

On January 24, Jaguar Land Rover completed a second Rule 144A and Regulation S offering of £300,000,000 2.750% notes on substantially similar terms.

The offerings are Jaguar Land Rover's first offerings in nearly two years and follow a series of impressive results for the company. Jaguar Land Rover is a wholly owned, indirect subsidiary of India-based S&C client Tata Motors Limited, which has common stock listed on the Bombay Stock Exchange and the National Stock Exchange of India and ADRs listed on the New York Stock Exchange.

S&C represented Goldman Sachs International, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, Société Générale, ING Bank, Lloyds Bank, Mizuho Securities, NatWest Markets and UniCredit Bank as the initial purchasers in the euro-denominated transaction. For the sterling-denominated transaction, S&C represented BoA Merrill Lynch, Citigroup, Credit Suisse, HSBC, Barclays, J.P. Morgan, Morgan Stanley, Standard Chartered Bank, ANZ, Bank of China and Santander as the initial purchasers.

The S&C team advising the initial purchasers included Chris Beatty, Joshua Bradley and Jennifer Singh. Vanessa Blackmore and Kirsten Rodger advised on U.K. corporate and capital markets matters. Eric Wang and Slki Hong advised on U.S. tax matters. Andrew Thomson and Emma Hardwick advised on U.K. tax matters, with assistance from Ashwin Pillay at earlier stages in the transaction. Matthew Brennan advised on environmental matters. Ram Narayan assisted on Tata Motors-related matters in the transaction.