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Bond Market News
Vedanta Launches Consent Solicitation or $894mn 13.875% 2028s
December 3, 2024
Vedanta launched a consent solicitation with regard to its $893.8mn 13.875% 2028s, that currently trades at 100.5. The main purpose of this consent solicitation is to amend certain covenants to align the notes with its “New Series of Bonds” (i.e., bonds maturing in 2028, 2029, 2031). This will allow the company to (a) use the increased debt incurrence headroom provided in the covenant package of the ‘New Series of Bonds’ to allow for refinancing of certain existing debt (b) efficiently manage its debt maturity profile, improve its capital structure and overall financial position. The covenant package under the new notes was considered more sustainable for the group and was well received by investors. The early voting deadline expires on December 16 and the final voting deadline on December 20. There will be an early and late consent fee of $3.50 and $1.00 per $1,000 in principal. Separately, Vedanta will also be fully redeeming its $312.5mn 13.875% 2028s on December 4 at par plus accrued and unpaid interest.
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