Vedanta Resources has issued US$1 billion in 6.375% bonds due in 2022, which is the largest single-tranche G3 high-yield bond issuance by an Indian company since 2015. The bonds will be listed on the Singapore Stock Exchange.
G3 refers to bonds issued in US dollars, yen and euros.
This deal involved two separate transactions run in parallel. The first transaction was the bond issuance and the second was a tender offer for some of Vedanta’s previously outstanding bonds, which were repaid by the new bond issuance.
Barclays Bank, Citigroup Global Markets, JP Morgan Securities and Standard Chartered Bank were the bookrunners on the deal.
Latham & Watkins, led by partner and India practice head Rajiv Gupta, was Vedanta’s legal adviser. The team also included partner James Burnett, counsel Lou
Rabinowitz and associates Jalpit Amit, David Lee and Esha Goel.
Khaitan & Co was Vedanta’s domestic legal adviser.
Allen & Overy advised the bookrunners.