Orrick, Herrington & Sutcliffe (Europe) LLP

Orrick, Herrington & Sutcliffe (Europe) LLP

February 22, 2010 03:00 ET

Orrick Advises on a Series of Indian Capital Markets Transactions

LONDON, UNITED KINGDOM--(Marketwire - Feb. 22, 2010) - The London corporate and finance teams at Orrick advised ISM Capital LLP (ISM), an investment banking boutique that focuses on, among other products, emerging market debt, as the sole arranger and financial advisor to Bilcare Limited (Bilcare) on a series of transactions to strengthen its balance sheet. Bilcare is a Bombay Stock Exchange listed pharmaceutical development and packaging company.

 The transaction comprised three main elements:

  • a private placement of Global Depositary Receipts (GDRs) of Bilcare, raising approximately US$33 million before expenses;

  • the buyback of Bilcare Singapore Pte. Limited (Bilcare's principal overseas subsidiary) US$90 million principal amount of 4% convertible due in 2010, undertaken through individually negotiated transactions between Bilcare Singapore, ISM and bondholders; and

  • the issue of US$54 million principal amount of 7% of exchangeable guaranteed bonds of Monument Pte. Limited, a special purpose vehicle, which was arranged by ISM.

The Orrick team advising ISM was led by corporate of-counsel Jinal Shah and included associates Eric Irvine, Alexandra Fairley and Vinay Varma.

"We are delighted to have advised ISM, whose longstanding relationships and expertise helped to bring this series of transactions to a successful conclusion", commented Jinal Shah. "ISM is a prominent adviser in Indian capital markets transactions and we hope to see further improvement in this activity during 2010".

About Orrick

Orrick, Herrington & Sutcliffe LLP is a global law firm with more than 1,100 lawyers in Europe, North America and Asia. The firm focuses on innovative corporate transactions, novel finance and complex litigation. Orrick clients include FTSE 250 companies, Fortune 100 companies, major industrial and financial corporations, commercial and investment banks, high-growth companies, governmental entities, start-ups and individuals. The firm's 22 offices are located in Beijing, Berlin, Düsseldorf, Frankfurt, Hong Kong, London, Los Angeles, Milan, Moscow, New York, Orange County, Paris, Portland, Rome, Sacramento, San Francisco, Seattle, Shanghai, Silicon Valley, Taipei, Tokyo and Washington, D.C.

About ISM Capital LLP

ISM Capital LLP is corporate advisory and investment management business focusing on emerging markets. In 2009, ISM announced that is was to be acquired by US independent investment bank Broadpoint.Gleacher. The acquisition will create a global financial institution specialising in advising corporations and institutional investors with strategic, research-based investment opportunities, capital raising, and financial advisory services, including merger and acquisition, restructuring, recapitalisation and strategic alternative analysis services.

Contact Information

  • Jinal Shah
    +44 (0)20 7862 4613
    Amy Coleman
    +44 (0)20 7862 4648