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A&O advises Wipro IT Services LLC on debut offering

Allen & Overy has advised Wipro IT Services LLC on their debut Rule 144A/Reg S bond offering of USD750 million 1.5% senior notes due 2026, guaranteed by Wipro Limited.  

The notes are listed on the Singapore Stock Exchange and the proceeds will be used to refinance existing debt, for general corporate purposes and/or any other purposes permitted by law. This transaction marked the Wipro group’s debut in the bond markets and is one of the highest rated transactions by an Indian group. 

Wipro IT Services is a wholly owned step-down subsidiary of Wipro Limited, which is a global multinational IT services, consulting and business process services company based in India and listed on the Bombay Stock Exchange, the NSE and the New York Stock Exchange. Wipro Limited is among a handful of NYSE listed Indian companies to undertake an international bond transaction.

This transaction follows A&O advising a syndicate of banks as the mandated lead arrangers and bookrunners in relation to a USD1.05 billion loan to Wipro IT Services UK Societas and Wipro IT Services LLC for the acquisition of Capco, a UK-based IT consultancy firm. The financing was the largest ‘outbound’ acquisition financing by an Indian company in 2020/2021 and was led by Gautam Narasimhan, Joint Managing Partner of Allen & Overy’s Singapore office.

Partner and Joint Chair of Allen & Overy’s India Group, Pallavi Gopinath Aney, commented, “This transaction is a notable first for our client, Wipro Limited and we were pleased to be able to help them take this important step for their business. We continue to advise on some of the most complex issuances and market firsts from India and across Asia Pacific.”

The A&O team comprised Pallavi Gopinath Aney (Partner), Alexander Stathopoulos (Partner), Felipe Duque (Partner) and Serena Upadhyay (Associate).