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Vedanta prices US$1B bond issue

Vedanta Resources Plc on Jan. 24 announced pricing of its US$1.0 billion in bonds due 2022 at 6.375%.

Proceeds will fund the company's previously announced cash tender offer to buy back any and all of its outstanding US$750 million in 9.5% notes due 2018 and US$1.2 billion in 6% notes due 2019.

The diversified miner has received valid offers totaling about US$795.9 million, including US$370.9 million of 2018 notes and US$425.0 million of 2019 notes.

Meanwhile, about US$227,000 in 2018 bonds and US$200,000 in 2019 bonds are subject to the guaranteed delivery procedures. The company will accept additional notes tendered through the guaranteed delivery procedures until the settlement date Jan. 30.

Vedanta will pay such tendering bondholders US$1,081.25 per US$1,000 principal amount of 2018 notes and US$1,025.00 per US$1,000 principal amount of 2019 notes plus accrued and unpaid interest.

The company will cancel all the repurchased bonds including those tendered through guaranteed delivery procedures.

Vedanta will have about US$378.9 million in 2018 notes and about US$774.8 million in 2019 bonds outstanding following the redemption.