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

Story provided by StockMarketWire.com

Merryn

Claim 12 issues of MoneyWeek (plus much more) for just £12!

Let MoneyWeek show you how to profit, whatever the outcome of the upcoming general election.

Start your no-obligation trial today and get up to speed on:

  • The latest shifts in the economy…
  • The ongoing Brexit negotiations…
  • The new tax rules…
  • Trump’s protectionist policies…

Plus lots more.

We’ll show you what it all means for your money.

Plus, the moment you begin your trial, we’ll rush you over THREE free investment reports:

‘How to escape the most hated tax in Britain’: Inheritance tax hits many unsuspecting families. Our report tells how to pass on up to £2m of your money to your family without the taxman getting a look in.

‘How to profit from a Trump presidency’: The election of Donald Trump was a watershed moment for the US economy. This report details the sectors our analysts think will boom from Trump’s premiership, and gives specific investments you can buy to profit.

‘Best shares to watch in 2017’: Includes the transcript from our roundtable panel of investment professionals – and 12 tips they’re currently tipping. The report also analyses key assets, including property, oil and the countries whose stock markets currently offer the most value.