EM-focused Vedanta announces tender results for 8¼% bonds due 2021

By Cady Vishniac

Detroit, Jan. 5 – Vedanta Resources Ltd. (formerly Vedanta Resources plc) received tenders for $4,735,000 of its 8¼% bonds due June 7, 2021 (Cusips: G9328DAG5, 92241TAG7) between the early deadline and the final deadline of its tender offer for any and all of the $670,157,000 outstanding bonds, according to a press release.

The company plans to accept all $4,735,000 of the notes tendered between 5 p.m. ET on Dec. 17 and 11:59 p.m. ET on Jan. 4 at a purchase price of $999 per $1,000 face amount. Settlement is expected on Jan. 6.

As previously reported, holders had tendered $478,894,000, or 71.46%, of the outstanding notes before the early tender deadline.

The purchase price for early tendered notes was par, and the early tendered notes settled on Dec. 22.

The company also paid or will pay interest up to but excluding the final payment dates for all tendered notes.

The tender offer was conditioned upon the successful completion of a new offering of 13 7/8% bonds due January 2024 (B-), which settled on Dec. 9.

Morrow Sodali Ltd. was the information agent for the offer (+852 2158 8405, +44 20 8089 3287, 203 609-4910, http://bonds.morrowsodali.com/vedanta, vedanta@investor.morrowsodali.com).

The dealer managers were Barclays (+44 20 7773 8890, eu.lm@barclays.com, +852 2903 2706, tmgap@barclays.com), Citigroup Global Markets Ltd. (+852 2501 2541, liabilitymanagement.asia@citi.com), Credit Suisse (Hong Kong) Ltd. (+852 2101 7700, list.hkdcmsyndicate@credit-suisse.com), DBS Bank Ltd. (+65 6878 9821, dbstmg@dbs.com), Deutsche Bank AG, Singapore Branch (+65 6423 7959, asiasyn@list.db.com), J.P. Morgan Securities plc (+852 2800 8220, +44 20 7742 5940, 212 834 4533, liability_management_asia@jpmorgan.com) and Standard Chartered Bank (+44 20 7885 5739, +852 3983 8658, +65 6557 8286, liability_management@sc.com).

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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