Vedanta II Plc Financial Resources sold the instruments, whose maturity is scheduled for 2029, which will carry the guarantee of Vedanta Ltd and its subsidiaries Twin Star Holdings and Welterweight Trade,
The offering received a good response from global investors, attracting $1.45 billion in orders, representing an oversubscription of more than 1.6 times. The final allocation of the bonds received broad support from global investors: 41% of orders came from Asia, 24% from the EMEA region and 35% from the US, with participation from more than 102 investors.
“This reflects the strong confidence of global investors in Vedanta’s growth story and the quality of our assets, our commitment and track record in deleveraging our assets.” balance“strengthening our cash position, striving for greater operational excellence and consolidating for growth,” the company said in a statement.He promised investors “market-leading returns” in the future.
This is Vedanta’s first US dollar bond issuance since February 2021, when it had raised over $1 billion at 13.875%.
The pricing of the bond represents an improvement for Vedanta as the company achieves an annual interest saving of 3% compared to the liabilities being refinanced, Vedanta said in a statement. This will help Vedanta reduce debt as it manages its ongoing debt obligations.
The notes are offered under Rule 144A to qualified institutional buyers and under Regulation S to non-U.S. investors.
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