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Axon, Amarchand, Clifford Chance close $2bn Jindal Stainless debt restructuring

Start-up firm Axon Partners LLP has closed nearly a year restructuring roughly $2bn of debt of steel producer Jindal Stainless (JSL), with Amarchand Mangaldas and Clifford Chance jointly advising a variety of lending banks.

The restructuring of $24m of foreign currency convertible bonds (FCCBs) has now closed, following a restructuring of JSL’s external commercial borrowing earlier this year. The total value of the restructuring programme was approximately $2bn, said Axon partner Harjeet Lall.

The FCCBs, unless they are earlier converted or cancelled have a maturity date of 24 December 2019.

Axon’s team of roughly nine lawyers on the transactions was led by co-founding partner Abhimanyu Bhandari and Lall.

Amarchand Mangaldas partner Gunjan Shah is understood to have advised State Bank of India and other domestic lender.

Clifford Chance Singapore partner Andrew Brereton meanwhile provided international law advice to the lenders. Patterson Belknap Webb & Tyler counsel Karen McCarthy in New York was instructed for the bondholders’ trustee Citi Bank.

Lall said that it was a significant and complex transaction for Axon to have acted on. She added that the relationship with JSL had been established for close to a year now and was continuing to go strong.

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