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Vedanta tenders for $500 million 5.5% convertibles by Dutch auction
By Susanna Moon
Chicago, Jan. 11 – Vedanta Resources plc said it began a tender offer for up to $500 million of its 5.5% guaranteed convertible bonds due 2016, with pricing to be set by modified Dutch auction.
The offer is being made as part of the active management of the company’s balance sheet, according to a company announcement. There is $1,134,500,000 of the $1.25 billion convertibles outstanding.
The cash purchase price per $100,000 principal amount will be the lowest price that will allow the company to purchase an aggregate principal amount of the bonds equal to the acceptance amount and will be an amount divisible by $250 per $100,000 principal amount, the release noted.
Tender instructions may be submitted in the form of either a competitive offer, which specifies a purchase price, or a non-competitive offer, which does not specify a purchase price, the company noted.
If the amount of bonds tendered at or below the purchase price exceeds the acceptance amount, the company plans to accept the tendered bonds on a pro rata basis.
The offer will end at 11 a.m. ET on Jan. 18.
J.P Morgan Securities plc (+44 207 134 1478 or ECM__Europe_Syndicate_Desk@jpmorgan.com) and Standard Chartered Bank (+65 6596 8435 or liability_management@sc.com) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880 or vedanta@lucid-is.com) is the tender agent.
Vedanta Resources is a London-listed natural resources company that produces aluminum, copper, zinc, lead, silver, iron ore, oil, gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka.
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