Comments
Vedanta Resources Finance II plc, a wholly owned subsidiary of Vedanta Resources has raised $900 million through a bond issue at 10.875 per cent due 2029. The Bonds are guaranteed by the company and other wholly owned indirect subsidiaries Twin Star Holdings and Welter Trading and Twin Star.
The net proceeds from Bonds will be used to repay Vedanta’s existing bonds. This is the first US dollar bond issued by Vedanta since February 2021. The bond received final orders of $1.45 billion from investors across the globe representing a 1.6 times oversubscription.
Vedanta is confident of continuing to provide market-leading returns to all global and domestic investors in coming days, said CFO of Vedanta.
The final allocation of the bonds represented the broad-based support which Vedanta enjoys, including 41 per cent from Asia, 24 per cent from EMEA and 35 per cent from the United States and a subscription by over 102 investors.
The refinancing will lead to interest saving of 3 per cent per annum for the company. The Bond will be listed on the Singapore Exchange Securities Trading.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.