Shardul Amarchand Mangaldas & Co. (SAM) acted as sole Indian legal counsel to Union Bank of India, acting through its Dubai International Financial Centre (“DIFC”) Branch, in connection with the issuance of USD 600 million senior unsecured notes in two tranches.
The issuance comprised USD 300 million 5.230% Senior Unsecured Notes due 2029 and USD 300 million 5.417% Senior Unsecured Notes due 2031. The Notes were offered to eligible investors outside the United States in accordance with Regulation S under the U.S. Securities Act, 1933.
The Notes are listed on the NSE IX Exchange, GIFT City IFSC, making the transaction an international offering with an Indian financial centre listing component. The Notes are rated BBB- by Fitch Ratings Inc. and BBB by S&P Global Ratings.
The transaction team was led by Shubhangi Garg, Partner, with support from Ankeeta Parhi, Principal Associate; Sandeep Grewal, Senior Associate; and Dhwanit Rathor, Associate.
The tax aspects were advised on by Gouri Puri, Partner, and Nimish Malpani, Principal Associate.