Vedanta announces pricing of $1bn bond offering

Vedanta Resources has announced the pricing of the offering of bonds in the aggregate principal amount of $1bn of 6.375% bonds due 2022.

It intended to use net proceeds to fund its offer to purchase for cash any and all of its outstanding $750m 9.50% bonds due 2018 and $1.2bn 6.00% bonds due 2019, and to repay its other existing indebtedness.

Vedanta has received and accepted for purchase approximately $370,868m of the 2018 bonds and $425.028m of the 2019 bonds (excluding $227,000 of the 2018 bonds and $200,000 of the 2019 bonds that remain subject to the guaranteed delivery procedures).

“With this transaction, Vedanta has proactively refinanced part of its 2018 and 2019 maturities and extended average debt maturity,” it said in a statement.

Vedanta said it had received strong investor interest for the tenders and these bonds, underlining the access that it has to the capital markets and diversified funding sources.

This is the largest single-tranche G3 high yield bond issuance from Asia ex-Japan since 2015.

At 9:33am: (LON:VED) Vedanta Resources PLC share price was +18p at 1077p

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