Volcan Holdings selling mandatory exchangeables to fund Anglo stake

By Stephanie N. Rotondo

Seattle, March 16 – Volcan Holdings plc, a subsidiary of Volcan Investments Ltd., is offering a mandatory exchangeable bond that will be secured by shares of Anglo American plc, the company said in a press release.

J.P. Morgan Securities LLC is the sole bookrunner.

The parent Volcan and the issuer said it will purchase Anglo shares in the market via a combination of purchases from investors participating in the exchangeable bond and on-market purchases.

Volcan expects to buy up to £2 billion of Anglo’s shares.

Volcan is a holding company owned by the Agarwal family trust. The investment into Anglo is being done as a personal investment on the part of the trust.

The trust is controlled by Anil Agarwal, chairman of Vedanta Resources plc.

The company also said it has no plans to take over Anglo.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.