EM-focused Vedanta to accept $478.89 million early tendered 8¼% notes

By Taylor Fox

New York, Dec. 18 – Vedanta Resources Ltd. (formerly Vedanta Resources plc) announced the early results of its offer to purchase any and all of its $670,157,000 outstanding 8¼% bonds due June 7, 2021 (Cusips: G9328DAG5, 92241TAG7), according to a press release.

As of the 5 p.m. ET Dec. 17 early tender deadline, $478,894,000, or 71.46%, of the notes were tendered.

Vedanta said it will accept all of the early tendered notes for purchase, subject to the satisfaction of the conditions to the tender offer. The early settlement date is expected to be Dec. 22.

As previously reported, the company is offering $1,000 per $1,000 of notes tendered by the early deadline.

Noteholders who tender after the early deadline but before the final deadline of 11:59 p.m. ET on Jan. 4, will receive $999 per $1,000 of notes tendered, increased from $980 per $1,000 of notes.

Interest will be paid up to, but excluding, the final payment dates.

The company is planning to offer new notes to finance the transaction, and the tender offer is conditioned upon the successful completion of that offering.

Tenders may no longer be withdrawn.

The final settlement date is expected to be Jan. 6.

Morrow Sodali Ltd. is the information agent for the offer (+852 2158 8405, +44 20 8089 3287, 203 609-4910, http://bonds.morrowsodali.com/vedanta, vedanta@investor.morrowsodali.com) is the information agent.

The dealer managers for the tender offer are Barclays (+44 20 7773 8890, eu.lm@barclays.com, +852 2903 2706, tmgap@barclays.com), Citigroup Global Markets Ltd. (+852 2501 2541, liabilitymanagement.asia@citi.com), Credit Suisse (Hong Kong) Ltd. (+852 2101 7700, list.hkdcmsyndicate@credit-suisse.com), DBS Bank Ltd. (+65 6878 9821, dbstmg@dbs.com), Deutsche Bank AG, Singapore Branch (+65 6423 7959, asiasyn@list.db.com), J.P. Morgan Securities plc (+852 2800 8220, +44 20 7742 5940, 212 834 4533, liability_management_asia@jpmorgan.com) and Standard Chartered Bank (+44 20 7885 5739, +852 3983 8658, +65 6557 8286, liability_management@sc.com).

Vedanta Resources is a London-listed natural resources company that produces aluminum, 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.

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