Luthra and Luthra Law Offices in India recently offered counsel to ICICI Bank Limited, India Infrastructure Finance Company Limited, Axis Bank Limited, and State Bank of India (Lender) regarding a transaction involving rupee loan facilities amounting to INR 1,900,00,00,000. This Facility was utilized by Highways Infrastructure Trust (InvIT), the road InvIT platform initiated by KKR.
The InvIT, operating under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, functions as an infrastructure investment trust engaged in the ownership and management of road assets in India. The funds from the Facility are designated for settling the debt of forthcoming Special Purpose Vehicles (SPVs) acquired by the InvIT. Recognizing the nature of an InvIT involving ongoing acquisitions, the Team took measures to preemptively address potential issues in future acquisitions, ensuring that the Lenders’ rights remain unaffected.
To facilitate the disbursement for infusion into the acquired SPV, the Team diligently verified and ensured compliance with all conditions precedent. Despite the stringent timelines imposed by the Transaction, the Team worked tirelessly to meet all necessary compliances, actions, and steps for disbursement, both at the InvIT and SPV levels. The successful closure of the Transaction stands as a testament to the Team’s commitment and efficiency in navigating the complexities within the given timeframe.
The firm served as transaction counsel and actively participated in the drafting, reviewing, commenting, and negotiating processes, providing legal advice on issues and queries related to the Facility. Additionally, they played a crucial role in finalizing financing and security documents, including drafting, negotiating, and finalizing financing documents for on-lending from the InvIT to the SPVs. The team also handled the preparation of board resolutions, certificates, and other essential condition precedent documents related to the obligors, while maintaining coordination with the clients throughout the process.
The Transaction team was led by Karan Mitroo (Partner), supported by Pragya Verma (Associate) and Jhalak Gupta (Associate).
