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

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Properties for sale for around £400,000
Houses for sale

Properties for sale for around £400,000

From a converted church in Banffshire with views towards the Cairngorms National Park, to a period property in the Georgian market town of Beverley, e…
2 Apr 2021