By Christine Van Dusen and Paul A. Harris
Atlanta, May 23 - Vedanta Resources plc priced $1.7 billion of bonds (Ba3/BB/BB) due 2019 and 2023, with both tranches coming to the market at par, a market source said.
The deal included $1.2 billion 6% notes due Jan. 31, 2019 that priced to yield 6% and $500 million 7 1/8% notes due May 31, 2023 that priced at par.
BofA Merrill Lynch, Barclays, Citigroup, JPMorgan, Royal Bank of Scotland, Standard Chartered Bank and Deutsche Bank were the bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used to refinance a portion of the bank debt that Vedanta entered into to finance its acquisition of a controlling stake in Cairn India, which will result in a cancellation of Vedanta's commitments under a bridge facility, and for general corporate purposes, according to a company announcement.
Vedanta Resources is a London-listed natural resources company that produces aluminium, 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.
| Issuer: | Vedanta Resources plc
|
| Issue: | Bonds
|
| Amount: | $1.7 billion
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup, JPMorgan, Royal Bank of Scotland, Standard Chartered Bank, Deutsche Bank
|
| Change-of-control put: | At 101%
|
| Trade date: | May 23
|
| Settlement date: | June 3
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Notes due January 2019
|
| Amount: | $1.2 billion
|
| Maturity: | Jan. 31, 2019
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
|
|
| 10-year notes
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| Amount: | $500 million
|
| Maturity: | May 31, 2023
|
| Coupon: | 7 1/8%
|
| Price: | Par
|
| Yield: | 7 1/8%
|
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