Vedanta Resources gets $900 mn via first dollar bond issue to prepay loans

Vedanta Resources, the parent firm of mining conglomerate Vedanta Ltd, on Wednesday raised USD 900 million in its first dollar bond issue in more than two years to prepay existing bonds.

In a statement, the firm said it has raised UDS 900 million at a coupon rate of 10.875 per cent in the five-year US dollar-denominated bond.

"The net proceeds from the offering of the bonds will be used to repay certain of Vedanta's existing bonds (including any accrued interest thereto) and to pay any related transaction costs in connection thereto," it said.

This is the first US dollar bond issued by Vedanta since February 2021.

The bond received final orders of USD 1.45 billion from investors across the globe representing an oversubscription of over 1.6 times, reinforcing the confidence of these investors in the Vedanta story, the statement said.

"The final allocation of the bonds represented the broad-based support which Vedanta enjoys, including 41 per cent from Asia, 24 per cent from EMEA an