Vedanta looks to refinance debt; issues bonds worth $ 1 billion
LSE-listed Vedanta Resources which has its prime mining operations in India has said that will refinance its debt by offering bonds worth $1 billion.
The company said, "With this transaction, Vedanta has proactively refinanced part of its 2018 and 2019 maturities and extended average debt maturity."
The offering is expected to close on 30 January 2017, subject to customary closing conditions.
Vedanta said that the bonds are expected, on the closing date, to be rated "B3" by Moody's and "B+" by S&P.
The company intends to list the bonds on the Singapore Exchange Securities Trading Limited.
Tom Albanese, Chief Executive Officer said, "This transaction is in line with our financial strategy to extend maturities, optimise the balance sheet, and create value for all stakeholders. We are pleased with the strong demand these bonds received, with support from all major markets."
Barclays, Citigroup, J.P. Morgan and Standard Chartered Bank (all appearing in alphabetical order) are acting as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners.
"This is the largest single-tranche G3 high yield bond issuance from Asia ex-Japan since 2015," it said.