Vedanta greenshoe exercised, lifting convertibles to $883 million

By Marisa Wong

Milwaukee, March 5 - Vedanta Resources plc announced that the underwriters of its recent offering of convertible bonds due 2017 have exercised the $78 million over-allotment option in full, increasing the size of the offering to $883 million.

Vedanta priced an upsized $805 million of seven-year convertibles on Wednesday to yield 4% with an initial conversion premium of 37.5%.

Morgan Stanley was the lead underwriter for the Regulation S offering.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Settlement is expected to take place on March 30.

Vedanta is a London-based mining company with operations in India, Zambia and Australia.

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