Latham & Watkins Advises on Summit Digitel’s US$500 Million Maiden Bond Offering
Latham & Watkins represented the Joint Global Coordinators and Joint Bookrunners in Summit Digitel Infrastructure Private Ltd’s (Summit) maiden bond offering consisting of US$500 million 2.875% senior secured notes due 2031.
Summit is a leading Indian telecommunications infrastructure service provider and this offering is the company’s debut in the dollar market. The proceeds are expected to be used for capital expenditure and repayment of existing debt, among others.
Latham & Watkins represented the Joint Global Coordinators and Joint Bookrunners Barclays and Citigroup, along with Joint Bookrunners BofA Securities, HSBC, Deutsche Bank, and BNP Paribas in the transaction.
The deal team was led by Singapore partner Rajiv Gupta and Hong Kong partner Tracy Edmonson, with Hong Kong associate Brian Chae. London partners Chris Horton and Manoj Tulsiani provided English law advice, and New York partner Jiyeon Lee-Lim and London partner Sean Finn advised on tax matters.
Summit Digitel Infrastructure Private Limited
Summit is India’s leading and independently managed telecom infrastructure provider offering infrastructure services to all the mobile network operators in India. The company has over 136,000 operational telecom sites and growing. Summit was established in 2020 through Brookfield’s acquisition of the 'Passive Telecom Infrastructure Entity' from Reliance Industries.
About Latham’s India Practice
With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$80 billion since 2018.