EM-focused Vedanta lifts late consent fee for 2021 bonds

By Rebecca Melvin

New York, Jan. 27 – Vedanta Resources Ltd. (formerly Vedanta Resources plc) announced that it has increased the late consent fee for its 8¼% notes due 2021, which is one of seven bonds with maturities from 2021 to 2026 for which the company is conducting consent solicitations, according to a company announcement.

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

As previously reported, Vedanta is seeking 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 notes for which the company is seeking consents are:

• $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 could deliver their consents by the early deadline of 11 a.m. ET on Jan. 27 in order to receive a consent fee of $1 per $1,000 face amount of notes. Except in the case of the 2021 notes, holders who deliver their consents by the final deadline of 11 a.m. ET on Jan. 29 will receive $0.50 per $1,000 face amount of notes.

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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