Vedanta nearly ready to work with ad hoc group on looming maturities

Chicago, Nov. 6 – Vedanta Resources Ltd. should soon be engaging with an ad hoc group of investors regarding looming maturities on two series of notes, according to a credit update press release.

The ad hoc groups holds nearly 25% of the company’s $1 billion 13 7/8% notes due 2024 (ISINs: USV9667MAA00, US92243XAD30) and nearly 25% of the $1.2 billion 8.95% notes due 2025 (ISINs: USG9727HAD62, US92243XAE13). The group is also in close contact with other large holders of the notes who have institutional impediments to joining the group but have lent their support.

Both notes were issued by Vedanta Resources Finance II plc and guaranteed by Twin Star Holdings Ltd., Welter Trading Ltd. and Vedanta Resources Ltd.

The ad hoc group has already advanced a term sheet outlining a proposal for a consensual liability management transaction, dated Sept. 28.

The company wants to engage with the group once it finalizes negotiations with the lenders under a new money syndicate, and before any liability management transaction is launched.

The press release reaches out to holders of the guaranteed notes if they are seeking more information and would like a copy of the liability management term sheet (Cleary Gottlieb Steen & Hamilton LLP: sjnoh@cgsh.com or plyadnova@cgsh.com).

Vedanta is a London-based diversified global natural resources company with operations in India, Zambia, Namibia and South Africa.

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