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EM-focused Vedanta gets tenders for $1.15 billion bonds due 2018, 2019
By Marisa Wong
Morgantown, W.Va., Jan. 24 – Vedanta Resources plc said it received tenders for $370,868,000 of its 9½% bonds due 2018 and $425,028,000 of its 6% bonds due 2019 as of 8 a.m. ET on Jan. 24, the expiration of its previously announced cash tender offers.
In addition, $227,000 of the 2018 bonds and $200,000 of the 2019 bonds were tendered under guaranteed delivery procedures.
The company said it has accepted all of the tendered bonds for purchase, including the bonds tendered under guaranteed delivery procedures.
Vedanta began the tender offers for any and all of its $750 million of 2018 bonds and $1.2 billion of 2019 bonds on Jan. 16.
The purchase price for each $1,000 principal amount will be $1,081.25 for the 2018 bonds and $1,025.00 for the 2019 bonds.
Holders also will receive accrued interest to but excluding the settlement date of Jan. 30.
The offers are contingent on the issue of new senior notes with enough proceeds to repurchase the bonds, according to a previous company announcement. On Tuesday the company announced it priced $1 billion of 5½-year notes.
Barclays Bank plc (+44 20 3134 8515, 800 438-3242 or 212 528-7581), Citigroup Global Markets Ltd. (+44 20 7986 9000), J.P. Morgan Securities plc (+44 20 7742 4000) and Standard Chartered Bank (+65 6557 8286, +44 20 7885 5739, 212 667-0351 or liability_management@sc.com) are the dealer managers. D.F. King & Co., Inc. (800 290-6427, 212 269-5552, +44 20 7920 9700, +852 3953 7230 or vedanta@dfkingltd.com) is the information agent and tender agent.
Following cancellation of the tendered bonds, $378,905,000 of the 2018 bonds and $774,772,000 of the 2019 bonds will remain outstanding.
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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