By Paul A. Harris
Portland, Ore., Jan. 24 – Vedanta Resources plc priced $1 billion of 5.5-year senior notes (expected B1/confirmed B+) at par to yield 6 3/8%, a market source said on Tuesday.
The yield printed at the tight end of yield talk in the 6½% area. Initial price talk was in the 6¾% area.
Barclays, Citigroup, JPMorgan and Standard Chartered were the joint global coordinators and joint bookrunners.
The London-listed natural resources company plans to use the proceeds to repurchase bonds maturing in 2018 and 2019 and to refinance other debt.
Vedanta produces aluminum, copper, zinc, lead, silver, iron ore, oil, gas and commercial energy. The company has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka.
| Issuer: | Vedanta Resources plc
|
| Amount: | $1 billion
|
| Maturity: | July 30, 2022
|
| Securities: | Senior notes
|
| Global coordinators/bookrunners: | Barclays, Citigroup, JPMorgan, Standard Chartered
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Call protection: | Non-callable
|
| Announcement date: | Jan. 24
|
| Ratings: | Moody's: Expected B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6½% area
|
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