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Vedanta Resources calls $721.3 million of 4.6% convertibles due 2026
By Jennifer Chiou
New York, Jan. 8 - Vedanta Resources plc announced a redemption notice for its $721,299,000 of 4.6% guaranteed convertible bonds due 2026.
The company has the option to redeem the bonds because the aggregate value per bond has traded above $130,000 for the 30 trading days from Nov. 24 to Jan. 7.
The notes were issued by Vedanta Finance (Jersey) Ltd. and are guaranteed by Vedanta Resources.
Holders may convert their bonds until Feb. 2 into Vedanta Finance preferred shares to be exchanged for global depositary receipts representing Vedanta Resources common shares on Feb. 8.
The exchange price is £14.52 per common share, which is equal to $25.91 per share. The closing price of Vedanta's shares on Jan. 7 was £28.35 apiece.
The Bank of New York Mellon is the trustee.
Vedanta is a London-based mining firm with most of its operations in India.
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