IRB Infrastructure Developers Ltd (the “Company”) has issued USD-denominated notes due 2032, the proceeds of which has been used to largely refinance the existing INR non-convertible debentures, including the NCDs subscribed to by India Toll Toads. India Toll Roads, a Mauritian orphan SPV, had issued USD300 million senior secured notes due 2024, the proceeds from which were used to subscribe to INR NCDs issued by the Company.

The Company is backed by Singapore leading global investment firm, GIC, Barclays Bank, Deutsche Bank, JPMorgan and Standard Chartered Bank as hedge counterparties. The security of the India Toll Roads bonds includes a share pledge of 100% of the shares of India Toll Roads and a charge over all assets of India Toll Roads other than the non-convertible debentures which have been subscribed to by the orphan SPV using the USD bond proceeds.

The Appleby team comprises Group Managing Partner Malcolm Moller, Senior Associate Karishma Beegoo and Associate Vaishali Damonaiko.