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Bond Market News
Vedanta Announces Debt Tender Offer for its 13.875% 2027 and 13.875% 2028
September 4, 2024
Vedanta has announced a tender offer for its outstanding USD $470mn 13.875% 2027s and USD $1bn 13.875% 2028s (84% sink factor). The tender offer is set to expire on 1 October 2024 with the early expiration deadline on 16 September 2024. The company will accept both the notes at par, if they are tendered before the early expiration deadline and will pay $960 per $1,000 of principal if tendered after early expiration deadline. The company will also pay accrued and unpaid interest on the notes accepted under the tender offer. The 2027s notes have a higher priority in terms of acceptance than 2028s. There is no upper limit on the acceptance of the 2027s that can be tendered. Vedanta will accept the 2028s only using the net proceeds if any, from the new issuance of dollar bonds after deducting the 2027s that are tendered. Both the bonds are currently trading above par with 2027s at 100.4 and 2028s at 100.7.
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