Khaitan, TT&A, Foreign firms act on Vedanta Resources $500 million bond issuance

Vedanta Resources Finance II plc has issued $500 million 9.125% guaranteed senior bonds due 2032 under Rule 144A / Regulation S of the U.S. Securities Act, 1933 and guaranteed by each of Vedanta Resources Limited, Twin Star Holdings Limited, Welter Trading Limited and Vedanta Holdings Mauritius II Limited.

The bonds will be listed on the Singapore Stock Exchange. Citigroup, Barclays, J.P. Morgan, Mashreq, SMBC Nikko and Standard Chartered Bank acted as joint global coordinators and managers to the issue the Bonds.

Khaitan & Co advised the issuer and the guarantors as to Indian law, on this transaction.

The transaction team consisted of Manisha Shroff (Partner), Rajshekhar Upadhyaya (Principal Associate), Aparna Arya (Senior Associate), Nikunj Mehta (Senior Associate) and Satyawati Sinha (Associate).

Linklaters Singapore advised the issuer and the guarantors as to English and US federal law.

Pittas and Koullouros advised the issuer and the Guarantors as to Cypriot law.

TT&A advised the Joint Global Coordinators and Managers as to Indian law, on this transaction.

The transaction team consisted of Rahul Gulati (Partner), Priyanka Kumar (Partner) and Associates Shrijaya Singh and Vishnu M.

Clifford Chance advised the Joint Global Coordinators and Managers as to English and US federal law.

BLC Robert & Associates advised the Joint Global Coordinators and Managers as to Mauritian law.

The bonds received final orders of over $1.6 billion, recording more than 3x oversubscription from existing as well as new set of investors across APAC, EMEA and US with 97% participation from asset managers / fund managers. The final allocation of the bonds reflected the broad-based support including 47% from Asia, 24% from EMEA, and 29% from US.

The net proceeds from the offering of the Bonds will be used by Vedanta to repay existing debts and for general corporate purposes.

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