Luthra and Luthra Advised Leading Banks In Connection With Rupee Loan Facilities Availed By InvIT


5 Jan 2024 5:26 AM GMT

  • Luthra and Luthra Advised Leading Banks In Connection With Rupee Loan Facilities Availed By InvIT
    Listen to this Article

    Luthra and Luthra Law Offices India recently advised ICICI Bank Limited, India Infrastructure Finance Company Limited, Axis Bank Limited and State Bank of India (Lender) in connection with rupee loan facilities of INR 1900,00,00,000 (Facility) availed by Highways Infrastructure Trust (InvIT), the road InvIT platform launched by KKR. (Transaction).

    The InvIT is an infrastructure investment trust under the provisions of the SEBI (Infrastructure Investment Trusts) Regulations, 2014 involved in the business of owning and managing road assets in India. The proceeds of the Facility would be utilised for repayment of debt of the future SPVs being acquired by the InvIT. Given the nature of an InvIT involves future acquisitions by the InvIT, the Team also worked towards ensuring that documentation is structured such that the same is permitted to avoid issues on future acquisitions going forward while also ensuring that the rights of the Lenders are not prejudiced in any manner. The Team had to ensure all the conditions precedent with respect to the disbursement for infusion into the SPV being acquired are met and was also involved in issuing a conditions precedent checklist for the Lenders. Despite the rigid timelines that the Transaction had to offer, the Team worked tirelessly ensuring that all compliances, actions and steps required for the disbursement (both at the InvIT as well as the SPV level) are met well within the timelines and managed to successfully closed the Transaction.

    The Firm acted as the Transaction counsel and was involved in drafting, reviewing, commenting, negotiating, advising on legal issues/queries relating to the Facility and finalizing of the financing and security documents including drafting, negotiating and finalization of financing documents for on-lending by the InvIT to the SPVs and drafting of board resolutions, certificates and other necessary condition precedent documents in relation to the obligors and also coordinating with the clients for the same.

    The Transaction team comprised of Karan Mitroo (Partner), Pragya Verma (Associate), Jhalak Gupta (Associate).

    Next Story