Leading offshore law firm, Appleby, has acted as Mauritius legal counsel to UPL Corporation Limited (Issuer) on the issue of USD 400 million Perpetual Subordinated Capital Securities which are expected
The securities have been assigned a rating of 'Ba2' by Moody's Investors Service, Inc. and a rating of 'BB' by S&P Global Ratings, a division of S&P Global Inc.
The Appleby team comprised of Group Managing Partner Malcolm Moller, and Manisha Lallah, Counsel.
UPL Corporation Limited manufactures and markets crop protection and specialty chemicals worldwide. It offers a range of crop protection chemicals, such as fungicides, herbicides, insecticides, and other related products. The company also provides seeds, seed treatment, agricultural products storage, and post-harvest solutions. In addition, it markets and distributes crop protection chemicals through its sales and marketing team as well as distributors. The company was founded in 1993 and is based in Port Louis, Mauritius. UPL Corporation Limited is a subsidiary of UPL Limited which, together with its subsidiaries, manufactures and markets agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals in India, Europe, North America, Latin America, and internationally and is headquartered in Mumbai, India.
Appleby advised the Issuer on the Mauritius law aspects of the transaction alongside Linklaters who were international counsel to Merrill Lynch (Singapore) Pte. Ltd., J.P. Morgan Securities plc, MUFG Securities EMEA plc, Coöperatieve Rabobank U.A, Singapore Branch, UBS AG Singapore Branch, Australia and New Zealand Banking Group Limited, Barclays Bank PLC, Citigroup Global Markets Limited, DBS Bank Ltd. and Société Générale (the Joint Lead Managers) and Citicorp International Limited (the Trustee).
Appleby Mauritius has a specialist team dedicated to advising clients on the issuance and listing of Securities.