DLA Piper advises HCL Technologies on USD500m senior notes issue in highest ever rated credit from India

DLA Piper has successfully advised IT services giant, HCL Technologies, and its American subsidiary, HCL America Inc., on the issue of a USD500 million offering of 1.375% senior unsecured notes due in 2026. The Rule 144A/Reg S notes are backed by a corporate guarantee of HCL Technologies Ltd. and are listed on the Singapore Stock Exchange. This transaction has the highest rated credit from India ever.

The proceeds will be used to refinance the company's existing debts (which recently received an “A-” rating from S&P Global Ratings) and for general corporate purposes.

HCL Technologies is a next-generation global technology company that helps enterprises reimagine their businesses for the digital age. Through its worldwide network of research and development facilities and co-innovation labs, global delivery capabilities, and over 150,000+ “Ideapreneurs” across 49 countries, HCL delivers holistic services across industry verticals to leading enterprises.

The cross-border DLA Piper team was led by Singapore-based Corporate partner and Debt Capital Markets Asia Pacific practice head, Philip Lee, with support from International Deputy Chair of the India Group, Meraj Noor. They were assisted by senior associates Mei Sum Chan and Andhari Sidharta and associate Karen Lee. US-based Corporate partners Rachel Paris and Drew Young also advised on the transaction.

Philip Lee commented: “We are pleased to support our global client HCL Technologies once again on this significant capital raise which marks the highest rated deal ever to come to the international capital markets from India. This inaugural issue for this important client will put them in a good position to access the global markets more easily and pave the way for similar deals by other global and regional tech companies, particularly those from India. The successful issuance is a testimony to our strong track record in advising clients on global securities issues and also demonstrates our ability to provide an integrated cross-jurisdictional offering to clients.”

Meraj Noor added: “Despite a challenging macro environment due to the pandemic, this marquee transaction demonstrates the resilience of the Indian IT services sector and investor appetite for Indian credit. We are delighted to support HCL Technologies as they continue to evolve on the global canvas as a market leader”.