Vedanta Reports Early Results of Tender Offer

Vedanta Resources released an update on the tender offer as at the early tender deadline regarding its $1bn 6.375% bonds due 2022. Vedanta said that an aggregate principal amount of $468.375mn, or about 93.7% of the $500mn amount capped by Vedanta. The settlement of the above validly tendered bonds will happen on May 13. Investors who tendered their bonds by the early deadline of May 11 will receive par plus accrued and unpaid interest. Those who tender later will get $980 per $1000 in principal, plus interest. The offer expires on May 25.

Vedanta’s 2022s were at 99.5 cents on the dollar. Its other dollar bonds were trading lower with its 6.125% 2024s down 1.1 points to 78.5.