Shearman & Sterling represented Jaguar Land Rover Automotive plc (formerly Jaguar Land Rover PLC) on its offering of $500 million fixed-rate high yield bonds due 2023. Jaguar Land Rover Automotive plc, an indirectly-owned subsidiary of Indian-owned Tata Motors Limited (India), bought luxury carmakers Jaguar Land Rover Limited (formerly Jaguar Cars Limited) and Land Rover in 2008.
The high yield senior notes are unsecured and guaranteed by Jaguar Land Rover Limited, Land Rover, Jaguar Land Rover North America, LLC, Land Rover Exports Limited and Jaguar Land Rover Exports Limited.
The proceeds of the bond sale will be used for general corporate purposes, including to support the company’s ongoing growth and capital spending plans.
The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included capital markets partner Apostolos Gkoutzinis, counsel Rebecca Marques, and associate Randy Nahle; tax partners Craig Gibian and Iain Scoon and associates Mary Jo Lang, James Leslie, and Jack Prytherch; and counsel Mehran Massih, who advised on environmental aspects.
This is the third such offering for the company. The firm also advised Jaguar Land Rover PLC on its £1 billion equivalent fixed rate high yield bond offering in May 2011 and its £500 million fixed rate high yield bond offering in March 2012.
