By Cady Vishniac
Detroit, Dec. 15 – Vedanta Resources Ltd. (formerly Vedanta Resources plc) priced $1 billion of 13 7/8% bonds due January 2024 (B-) through its Vedanta Resources Finance II plc subsidiary on Dec. 9, according to a company release.
The Rule 144A and Regulation S notes are guaranteed by Vedanta Resources and two of its subsidiaries, Twin Star Holdings Ltd. and Welter Trading Ltd.
Joint global coordinators, joint lead managers, and joint bookrunners on the issue are Barclays, Citigroup, Credit Suisse, DBS Bank Ltd., Deutsche Bank, J.P. Morgan and Standard Chartered Bank.
Proceeds will go toward the redemption of the company’s $670,157,000 outstanding 8¼% bonds due 2021. Remaining proceeds will go toward servicing the company’s existing debt and/or purchasing equity shares of its Indian subsidiary.
Approval has been granted for listing on the Singapore Exchange.
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.
| Issuer: | Vedanta Resources Finance II plc
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| Guarantors: | Vedanta Resources Ltd., Twin Star Holdings Ltd. and Welter Trading Ltd.
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| Issue: | Bonds
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| Amount: | $1 billion
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| Maturity: | January 2024
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| Bookrunners: | Barclays, Citigroup, Credit Suisse, DBS Bank Ltd., Deutsche Bank, J.P. Morgan and Standard Chartered Bank
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| Coupon: | 13 7/8%
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| Pricing date: | Dec. 9
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| Issue date: | Dec. 21
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| Rating: | S&P: B-
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