Business Wire

Vedanta Resources plc Announces Comprehensive Refinancing of US$ 1.8 Billion

Jaa

Vedanta Resources plc (“Vedanta”, the “Company”, LSE: VED) today announced the pricing of an offering of bonds in the aggregate principal amount of US$1.0 billion of 6.125% Bonds due 2024 (the “Bonds”).

Vedanta intends to use the net proceeds from this offering primarily to fund its offers to purchase for cash any and all of its outstanding US$ 774,772,000 6.00% Bonds due 2019 (“2019 Bonds”) and US$ 900,000,000 8.25% Bonds due 2021 (“2021 Bonds”), and to repay other existing indebtedness. Vedanta has received and accepted for purchase US$522,513,000 of the 2019 Bonds and US$229,843,000 of the 2021 Bonds.

This comprehensive refinancing plan announced earlier by the Company is leverage neutral and is funded through a mix of Bonds and term loans. The Company has received commitments from global and Indian banks for US$840 million of term loans with final maturity of 5 years.

Upon the successful completion of the above suite of transactions, Vedanta will proactively refinance part of its 2019 and 2021 bond maturities and is expected to have no significant bank loan repayments due over the next 18 months. These transactions will extend the Company’s average debt maturity by 1.5 years and lower its average cost of borrowing.

Vedanta’s refinancing plan is one of the largest proactive managements of a liability structure undertaken in Asia Pacific, and has successfully tapped liquidity from both the bank and bond markets in Asia, Europe and North America.

Vedanta received strong investor interest for both the Bonds and the tenders. The Bond coupon of 6.125% for a 7 year maturity compares favourably to Vedanta’s previous bond offering in January 2017 of 6.375% for a 5.5 year maturity.

Anil Agarwal, Chairman of Vedanta Resources Plc said, “The transaction is in line with our stated financial strategy to strengthen our balance sheet. We have taken a number of proactive measures over the last year to extend maturities, optimise our funding structure and as a result have created value for all stakeholders. We are pleased with the strong response these bonds have received displaying investor confidence in Vedanta’s credit story.

The Bonds are being offered and sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (“Securities Act”), and outside the United States under Regulation S under the Securities Act. The offering is expected to close on 9 August 2017, subject to customary closing conditions.

Barclays, Credit Suisse, DBS Bank Ltd., First Abu Dhabi Bank, J.P. Morgan and Standard Chartered Bank (all appearing in alphabetical order) are acting as Joint Global Coordinators. Axis Bank, Barclays, Credit Suisse, DBS Bank Ltd., First Abu Dhabi Bank, ICICI Bank Limited - IFSC Banking Unit, J.P. Morgan and Standard Chartered Bank (all appearing in alphabetical order) are acting as Joint Lead Managers and Joint Bookrunners.

The Bonds are expected, on the closing date, to be rated “B3” by Moody’s and “B+” by S&P. Vedanta intends to list the Bonds on the Singapore Exchange Securities Trading Limited (the “SGX-ST”). Admission of the Bonds to the official list of the SGX-ST is not to be taken as an indication of the merits of the offering, Vedanta or the Bonds.

Stabilisation FCA/ICMA

About Vedanta Resources plc

Vedanta Resources plc is an LSE-listed, globally diversified natural resources company with interests in Zinc, Lead, Silver, Oil & Gas, Aluminium, Copper, Iron Ore, and Power. Vedanta’s world class assets located primarily in India and Africa generated US$11.5 billion of revenue, US$3.2 billion of EBITDA and US$1.5 billion of free cash flow in fiscal year 2017.

Vedanta’s key strengths include its large, low cost and diversified asset base with an attractive commodity mix, market-leading positioning to capitalize on India’s growth and natural resource potential, well-invested assets driving a strong financial profile and cash flow growth, as well as a highly-experienced management team with a proven track record.

With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. To access the Vedanta Sustainable Development Report 2017, please visit http://www.vedantaresources.com/media/214366/vedanta_sd_report_2016-17.pdf. For more information on Vedanta, please visit www.vedantaresources.com.

Cautionary Statement Concerning Forward-Looking Statements:

Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbour created thereby. Actual results may differ materially from these statements. The words “expect,” “anticipate,” “project,” “believe” and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on the Company’s current complement of businesses, which is subject to change. For the Company, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause the Company’s actual future results to be materially different that those expressed in these forward-looking statements. Statements in this press release speak only as of the date of this press release, and the Company disclaims any responsibility to update or revise such statements.

Disclaimers:

This announcement is not for publication or distribution, directly or indirectly, in or into the United States. Securities have not been and will not be registered under the Securities Act, or any state securities laws of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. Any public offering of securities to be made in the United States will be made by means of an offering memorandum that will contain detailed information about the Company and its management, as well as financial statements. Vedanta has no intent to register the securities in the United States or any other jurisdiction.

This announcement is neither an offer to sell nor the solicitation of an offer to buy the Bonds and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation.

The Bonds will only be offered to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.

This announcement should not be considered as an advertisement, invitation, offer, sale or solicitation of an offer to subscribe for or purchase any securities, whether by way of private placement or to the public in India. The Bonds will not be offered or sold, and have not been offered or sold in India by means of any offering document or other document or material relating to the Bonds, directly or indirectly, to any person or to the public in India.

Contact information

Vedanta Resources plc
Communications
Zarin Amrolia, +91 22 6646 1000
Manager, Group Communications
gc@vedanta.co.in
or
Finsbury
Daniela Fleischmann, +44 20 7251 3801
or
Investors
Ashwin Bajaj
Director – Investor Relations
or
Sunila Martis
Associate General Manager – Investor Relations
or
Veena Sankaran
Manager – Investor Relations
Tel: +44 20 7659 4732
Tel: +91 22 6646 1531
ir@vedanta.co.in

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme tältä julkaisijalta, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

AML BitCoin Enters Phase II of ICO15.12.2017 12:00Tiedote

NAC Foundation, LLC announces today that the initial coin offering for the AML BitCoin – the world’s only patent-pending compliant digital currency – has been extended for another month to accommodate a torrent of last minute, new coin purchasers and the demands of thousands of current owners of the coin, who have had difficulty navigating the process of establishing the specialized wallet required to hold the innovative digital currency. This second phase of the AML BitCoin initial coin offering will see an increase in the price of the coin, from US $1.00 to US $1.25. The company has already been contacted by prospective purchasers in the slightly higher priced Phase II, and anticipates a further price increase to US $1.50 within a week or two. HitBTC, one of the world’s largest and most active digital currency exchanges, was prepared to list the AML BitCoin for trading on

Joensuu City Challenge – International Competition for Innovative SMEs Opened15.12.2017 11:24Tiedote

City of Joensuu, Finland, has announced an international competition in which 200,000 euros will be used for innovative pilot projects in the city centre. Joensuu has defined four city platforms on which companies or other interested organizations are invited to present innovative proposals. The winning proposals will be implemented as pilot projects in Joensuu. The deadline for the proposals is 18th March 2018. The implementation phase of the proposals should be carried out by May 2019. Competition information is provided in English, and proposals can be made in English and Finnish. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171215005170/en/ Joensuu City Challenge - International Competition for Innovative SMEs Opened (Photo: Business Wire) The four challenges for which solutions are sought are v

Gilead Sciences Announces That John C. Martin, PhD Will Transition From Executive Chairman to Chairman of the Board of Directors15.12.2017 00:30Tiedote

Gilead Sciences, Inc. (Nasdaq:GILD) today announced that Executive Chairman John Martin, PhD will transition from his current role of Executive Chairman to Chairman of the Board of Directors effective March 9, 2018. Dr. Martin was named Executive Chairman on March 10, 2016, when he was succeeded as CEO by John Milligan, PhD. Dr. Martin served as CEO of Gilead from 1996 to 2016, having joined the company in 1990 as the Vice President of Research and Development. During his time as CEO, he built the company’s portfolio to 24 marketed products with annual revenues of more than $32 billion. “John's scientific and business leadership has been notable for the development of Gilead’s portfolio of HIV and viral hepatitis medicines and commitment to worldwide access for patients. We are all grateful that he will continue to help guide the company as Chairman of the Board,” said Dr. Milligan, Pr

UniPrint Infinity Now Available in Epic App Orchard14.12.2017 22:07Tiedote

UniPrint.net announced today that UniPrint Infinity software is now available in the Epic App Orchard Marketplace. Users can now take advantage of UniPrint Infinity’s secure release print suite which works with any printer, any device, and in any computing environment. UniPrint Infinity’s PDF-based Healthcare Printing Suite provides industry standard 256-bit data encryption and compression, high availability, archiving, and “follow-the-user” printing, resulting in increased security and compliance in addition to reduced print costs. Implementation of UniPrint Infinity is proven to reduce wait times and help desk calls. By improving workflows for doctors, nurses, and other healthcare providers, UniPrint Infinity allows healthcare staff to focus their attention on their most important task: providing better patient care. “Building upon our recent Imprivata SSO integrati

FINEOS Announces Three New Customers in the Cloud14.12.2017 18:57Tiedote

FINEOS Corporation, the market leading provider of core systems for Life, Accident and Health (LA&H) insurance, today announced three new customers who have acquired FINEOS as a cloud service. The three new FINEOS customers, based in the US, Sweden and Canada respectively, have licenced FINEOS for their group insurance core processing needs. FINEOS is partnering with Amazon Web Services (AWS), the world’s largest IaaS cloud provider, to deliver the FINEOS Software as a Service (SaaS) offering. FINEOS Insurance Cloud is designed for the specific compliance and security needs of the LA&H industry. With simple subscription pricing, a FastTrack implementation approach, 24 x 7 support and continuous upgrades, the FINEOS Insurance Cloud is the way forward for LA&H insurance core systems. Speaking about the cloud, Gartner has said “By 2020, a Corporate ‘

UniPrint Infinity Now Available in Epic App Orchard14.12.2017 18:52Tiedote

UniPrint.net announced today that UniPrint Infinity software is now available in the Epic App Orchard Marketplace. Users can now take advantage of UniPrint Infinity’s secure release print suite which works with any printer, any device, and in any computing environment. UniPrint Infinity’s PDF-based Healthcare Printing Suite provides industry standard 256-bit data encryption and compression, high availability, archiving, and “follow-the-user” printing, resulting in increased security and compliance in addition to reduced print costs. Implementation of UniPrint Infinity is proven to reduce wait times and help desk calls. By improving workflows for doctors, nurses, and other healthcare providers, UniPrint Infinity allows healthcare staff to focus their attention on their most important task: providing better patient care. “Building upon our recent Imprivata SSO integrati

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme