Vedanta Resources announces the expiration and results of its previously announced tender offers to purchase for cash any and all of its outstanding $750m 9.50% bonds due 2018 and $1.2bn 6.00% bonds due 2019.
The Tender Offers expired at 8am New York time on Jan. 24.
At this time, valid tenders had been received with respect to about $370.868m of the 2018 bonds and $425.028m of the 2019 bonds.
Additionally, $227,000 of the 2018 bonds and $200,000 of the 2019 bonds were tendered pursuant to the guaranteed delivery procedures described in the Tender Offer Memorandum dated 16 January 2017.
“The Company has accepted for payment all of the Bonds validly tendered prior to the Expiration Time pursuant to the Tender Offers,” Vedanta said.
“In addition, the Company will accept any additional Bonds properly tendered by means of the guaranteed delivery procedures provided.”
On Jan. 30, such tendering bondholders would receive the purchase price in the amount of $1081.25 per $1000 principal amount of 2018 bonds tendered and accepted for purchase and $1025.00 per $1000 principal amount of 2019 bonds tendered and accepted for purchase, plus accrued and unpaid interest to, but not including, the payment date.
“The Company will arrange for cancellation of all Bonds validly tendered and accepted for purchase following purchase by the Company, and any bonds not validly tendered will remain outstanding and accrue interest in accordance with their terms,” it said.
“Following the cancellation of validly tendered Bonds, including Bonds validly tendered pursuant to guaranteed delivery procedures, $378.905m of the 2018 Bonds and $774.772m of the 2019 bonds will remain outstanding.”
At 9:38am: (LON:VED) Vedanta Resources PLC share price was +13.5p at 1072.5p
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