Vedanta Resources launches bond deal

Vedanta Resources said it has launched a 1.7bn-dollar two-part bond deal in a "landmark transaction" for the mining company.

Vedanta Resources said it has launched a 1.7bn-dollar two-part bond deal in a "landmark transaction" for the mining company.

The bonds are being sold to institutional buyers in two tranches. The first includes a $1.2bn aggregate principal amount of 6.0% bonds due in January 2019 and the second consists of a $500m aggregate principal amount of 7.125% bonds due May 2023.

Vedanta, the largest mining and non-ferrous metals company in India, said the transaction represents one of the largest corporate bond issuances out of Asia ex-Japan.

"This transaction demonstrates the financial strength and global recognition of Vedanta as a major natural resources corporate," said Chairman Anil Agarwal.

"It is our fourth bond transaction and each time we have been met with increasingly overwhelming response by investors."

The company intends to apply for the listing of the bonds on the Singapore Exchange Securities Trading.

Vedanta will use the proceeds of the fundraising to refinance existing debt, pay related fees and expenses and for other corporate purposes.

RD

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
How to stop recurring subscriptions becoming a drain on your money
Personal finance

How to stop recurring subscriptions becoming a drain on your money

Tracking and pruning subscriptions isn’t as easy as it sounds. Here's how to take charge.
14 Sep 2021