EM-focused Vedanta gets consents to amend seven bonds

By Taylor Fox

New York, Feb. 2 – Vedanta Resources Ltd. (formerly Vedanta Resources plc) received the consents needed to amend seven series of notes maturing from 2021 to 2026, according to a notice.

A consent solicitation meeting was held on Feb. 2, and all resolutions were passed and the proposals approved. The voting deadline was 11 a.m. ET Jan. 29.

The consent fees will be paid to relevant noteholders on Feb. 9.

As previously reported, Vedanta sought amendments to seven series of notes allowing for the acquisition of more of its equity shares by the company itself and subsidiaries Vedanta Holdings Mauritius Ltd. and Vedanta Holdings Mauritius II Ltd.

The company sought consents for the following notes:

• $900 million of 8¼% notes due June 7, 2021 (ISINs: USG9328DAG54, US92241TAG76) issued by the company;

• $1 billion of 6 3/8% notes due July 30, 2022 (ISINs: USG9328DAM23, US92241TAK88) issued by the company;

• $500 million of 7 1/8% notes due May 31, 2023 (ISINs: USG9328DAJ93, US92241TAJ16) issued by the company;

• $1 billion of 6 1/8% notes due Aug. 9, 2024 (ISINs: USG9328DAP53, US92241TAM45) issued by the company;

• $400 million of 8% notes due April 23, 2023 (ISINs: USG9T27HAB07, US92243XAB73) issued by Vedanta Resources Finance II plc and guaranteed by the company;

• $600 million of 9¼% notes due April 23, 2026 (ISINs: USG9T27HAA24, US92243XAA90) issued by Vedanta Resources Finance II and guaranteed by the company; and

• $1 billion of 13 7/8% notes due Jan. 21, 2024 (ISINs: USV9667MAA00, US92243XAD30) issued by Vedanta Resources Finance II and guaranteed by the company and subsidiaries Twin Star Holdings Ltd. and Welter Trading Ltd.

Holders of record as of Jan. 25 who delivered their consents by the early consent fee deadline at 11 a.m. ET Jan. 27 will receive a consent fee of $1 per $1,000 face amount of notes.

Except in the case of the 2021 notes, holders who delivered their consents after the early deadline but before the final voting deadline will receive $0.50 per $1,000 face amount of notes.

The company previously lifted the late consent fee for the 2021 bonds to $0.99 per $1,000 principal amount from $0.50 per $1,000 principal amount.

J.P. Morgan Securities plc (+852 2800 8220, +44 20 7742 5940, 212 834-4533, liability_management_asia@jpmorgan.com) is the solicitation agent, and Morrow Sodali Ltd. (203 609-4910, +852 2319 4130, +44 20 8089 3287, vedanta@investor.morrowsodali.com, https://www.bonds.morrowsodali.com/vedanta) is the information and tabulation 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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