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Juris Corp, Simmons act for Standard Chartered on $20m Indo-Canadian loan

Juris Corp partner Veena Sivaramakrishnan , senior associate Saurabh Sharma and associate Vedika Lakhotia acted for Standard Chartered in a mixed fund-non-fund $20m loan.

UK-headquartered international firm Simmons & Simmons Bristol- and London-based partner Alistair Hill advised Standard Chartered, as English law counsel.

According to a Juris Corp press release, Standard Chartered Bank sanctioned a fund based and non-fund based loan facility up to $20m for Indian auto component manufacturer The Hi-Tech Gears Limited, to invest in its off-shore subsidiary in Canada:

The deal was signed on 15 February 2017.

The facility was in its off-shore subsidiary (Ontario Inc) in Canada. The facility was subsequently utilized by the off-shore subsidiary to part-finance the acquisition of Teutech Industries Inc, a Canadian company engaged in developing, manufacturing, fabricating and assembling parts for the automotive and commercial industries:

The facility was secured by hypothecation of movable fixed assets, debt service reserve account and immovable properties and structured in a manner such that it may be drawn in tranches with an on-shore guarantee element to provide an additional cushion as security.”

...Given the structure, nature and sector involved, this mandate is testament to the unconventional routes as it is a mix of ECB route (fund based) and Onshore Bank Guarantee Facility (Non Fund Based).

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