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Vedanta Resources raises $400 million in bond tap issue
The Economic Times··10 Sept
Vedanta Resources secured an additional $400 million from a bond tap issue, bringing total fundraising through these instruments to $2.15 billion. The company raised $1.75 billion in late June through a three-tranche dollar bond sale aimed at retiring about $2 billion of high-cost debt. New bonds maturing in 2032, 2034 and 2037 are priced at 7%, 7.37% and 7.75%.
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What It Means For You
- New bonds maturing in 2032, 2034 and 2037 are priced at 7%, 7.37% and 7.75%.
- They replace older debt costing 9.20% to 9.50% maturing in 2030 to 2033.
- The tap issue completes refinancing of bonds raised in a June three-tranche sale.
What's Happening
- Vedanta Resources secured an additional $400 million from a recent bond issuance.
- Total raised through these instruments now stands at $2.15 billion.
- The company raised $1.75 billion in late June through dollar bonds.
Refinancing Vedanta's dollar debt
- Vedanta aimed to retire about $2 billion of high-cost debt through the refinancing.
- A person familiar with the deal said the new tranche completes existing bond refinancing.
- ET could not ascertain the break-up of the $400 million across tenures.
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