Khaitan & Co advised Vedanta Resources Finance II on US$500 million guaranteed senior bonds issuance
The leading law firm in India, Khaitan & Co advised Vedanta Resources Finance II plc as the sole Indian legal advisor in relation to its US$500,000,000 9.125% guaranteed senior bonds due 2032, issued under Rule 144A / Regulation S of the U.S. Securities Act, 1933. The bonds are guaranteed by Vedanta Resources Limited, Twin Star Holdings Limited, Welter Trading Limited, and Vedanta Holdings Mauritius II Limited.
The bonds will be listed on the Singapore Stock Exchange, and the net proceeds from the offering will be used to repay existing debts and for general corporate purposes.
Citigroup, Barclays, J.P. Morgan, Mashreq, SMBC Nikko, and Standard Chartered Bank acted as joint global coordinators and managers for the issue of the bonds.
The issuance received final orders of over US$1.6 billion, recording more than three times oversubscription from existing and new investors across APAC, EMEA, and the US, with 97% participation from asset managers and fund managers. The final allocation reflected broad-based support, including 47% from Asia, 24% from EMEA, and 29% from the US.
The Khaitan & Co team advising on the transaction comprised Manisha Shroff (Partner), Rajshekhar Upadhyaya (Principal Associate), Aparna Arya (Senior Associate), Nikunj Mehta (Senior Associate), and Satyawati Sinha (Associate).
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