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Bond Market News
Vedanta Seeks Approval to Increase Debt
July 7, 2021
Vedanta Resources is seeking consent from its dollar bondholders to change certain covenants in order to take on more debt. This debt would be used for refinancing and/or to acquire more shares in its Indian subsidiary Vedanta Ltd. The offer to change terms applies for its $1bn 13.875% 2024s and $1.2bn 8.95% 2025s, issued by Vedanta Resources Finance II, guaranteed by Twin Star Holdings and Welter Trading respectively. Holders who consent before the early bird deadline of July 21 will receive $2.5 per $1,000 in principal and those who consent after the early bird deadline but before the offer deadline will receive $1.25. Vedanta would need at least two-third of votes in favor. IFR notes that the new offer could suggest that Vedanta is considering another attempt to take its subsidiary Vedanta Ltd. private after a failed delisting attempt last year.
Vedanta’s dollar bonds were trading stable – its 8.95% 2025s were at 97.5, yielding 9.8%.
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