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Vedanta holders convert $178.92 million 4.6% bonds ahead of redemption
By Devika Patel
Knoxville, Tenn., Feb. 3 - Vedanta Resources plc announced it will redeem all $546,084,000 remaining 4.6% guaranteed convertible bonds due 2026 using existing cash resources on Feb. 8.
Holders converted $178,916,000 of bonds after the company first announced the redemption on Jan. 11.
The company may 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 bonds were issued by Vedanta Finance (Jersey) Ltd. and are guaranteed by Vedanta Resources.
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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