Finance Case Studies

Indian technology loans untangled

Asserson negotiated intensively to reconcile multiple creditors across continents.


Asserson’s Finance team led on a case for a major international financial institution in connection with loans to a borrower in the technology sector in India.

This was a complicated series of transactions involving multiple creditors. In addition to our client, there were a consortium of foreign banks, a consortium of Indian banks, various tiers of bondholders and substantial sponsor equity from an off-shore sponsor. The total financing amounted to billions of US dollars.

The intercreditor arrangements were complicated, particularly the arrangements between the on-shore Indian lenders and the off-shore external lenders. Significant regulatory restrictions exacerbated the position.

Negotiations with the borrower were also complicated and protracted and the position was exacerbated by the diverse interests of the multiple stakeholders involved in the transaction.


We realised at an early stage that the transaction would not progress through exchange of emails and drafts and periodic calls. We accompanied our client to the borrower’s head office in India for several rounds of intensive negotiation, often documenting controversial points in the meetings so that everyone could agree on the final position. This culminated in an agreed position which was reflected in the final finance documentation.


The loans and intercreditor arrangements were implemented. The transaction is on-going.

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