Shearman & Sterling advised Citigroup Global Markets Inc., Banc of America Merrill Lynch, The Hongkong and Shanghai Banking Corporation Limited, UBS AG Singapore Branch and Barclays Bank PLC, as underwriters, in connection with the offering of US$1 billion in aggregate principle amount of 5.4% Guaranteed Senior Notes due 2022 of Reliance Holding USA, Inc. (Reliance), a wholly owned subsidiary of Reliance Industries Limited (RIL). The Notes are guaranteed by RIL.

RIL is a Fortune Global 500 company and is the largest private sector company in India.

The transaction is the first corporate bond from India in 2012 and first since August 2011. It is the largest high-grade private corporate issuance in the oil & gas sector from Asia (including Japan and Australia) and the emerging markets in the last 12 months. In addition, the transaction is priced with no new issue concession and is one of the largest orderbooks for an Asian USD issuance. There is wide support from investors, with nearly 400 accounts in Asia, Europe and the United States participating in the transaction.

The following Shearman & Sterling team advised the underwriters in the transaction: partner Kyungwon (Won) Lee (Hong Kong-Capital Markets) and associates Trevor Ingram, Mark Tan (both Singapore-Capital Markets) and Minsoo Kwon (Hong Kong-Capital Markets). Other Shearman & Sterling lawyers involved in the transaction are partner Laurence Crouch and counsel Eileen O’Pray (both Palo Alto-Tax).

In 2010, Shearman & Sterling also advised the initial purchasers in connection with Reliance’s Rule 144A/Reg S offering of US$1.5 billion in aggregate principal amount of 4.50% Guaranteed Senior Notes due 2020 and 6.25% Guaranteed Senior Notes due 2040, also guaranteed by RIL.