India's Vedanta widens talk for $1 billion two-tranche deal

By Aaron Hochman-Zimmerman

New York, June 24 - Vedanta Resources Plc (Ba1/BB/BB+) widened the talk for is $1 billion two-tranche senior unsecured notes, according to a market source.

The 5-year six-month issue is now expected in the 8¾% area, out from earlier talk in the 8¼% area.

The 10-year issue is now expected in the 9½% area, widened from the original talk in the 9% area.

Pricing is expected Wednesday.

Barclays, Citigroup, Deutsche Bank, JPMorgan, and Morgan Stanley will act as bookrunners for the Rule 144A and Regulation S deal.

There is a change of control put at 101.

Proceeds will be used for general corporate purposes and the refinancing of existing debt.

Vedanta is a London-based mining firm with most of its operations in India.

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