International law firm, Trowers & Hamlins, has advised on a syndicated financing of INR 13,500 crores (approximately USD 1.6 billion) availed by Data Infrastructure Trust, an infrastructure investment trust sponsored and managed by Brookfield Asset Management.
Data Infrastructure Trust has raised USD 941 million via INR bonds to fund the purchase of American Tower Corp's telecom infrastructure assets in India. This transaction comprises the buyout of approximately 76,000 communications sites in India, and with this acquisition the Brookfield-led consortium reinforces its commitment to connecting India with an expanded portfolio of around 257,000 telecom sites. The acquisition is particularly rare in the Indian market, both for its size and structure, as Data Infrastructure Trust raised the entire acquisition debt and refinancing debt solely via INR.
Acting as the international counsel to the lenders for the Dubai International Finance Centre and Singapore aspects of the transaction, we worked alongside the lead counsel in India Talwar Thakore & Associates on the term loan of INR 3,750 crores (approximately USD 1.6 billion) raised by Data Infrastructure Trust for the purpose of refinancing existing debt of American Tower Corp from ICICI Bank Limited Kotak Mahindra Bank Limited, IndusInd Bank Limited and Axis Bank Limited as the original lenders.
The Trowers team was led by Debopam Dutta, Head – India Desk, supported by Roger Clarke (Consultant), Phoebe Lim (Senior Associate), Tiffany Tan and Jerry Wang (Associates).
Debo commented:
"Advising on this landmark deal demonstrates our ability to handle complex and innovative transactions in the Indian infrastructure space. The scale and structure of this acquisition, particularly the unique raising of the funds, highlights the growing confidence in India's telecom infrastructure market. It was a privilege to work alongside Talwar Thakore & Associates, and I am proud of the team’s dedication to delivering such a significant result."
